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On March 20, Terrell's petty cash fund of $100 is replenished when the fund contains $7 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description/Account Debit Credit Mar. 20 Postage
expensePetty cashCash over and shortCashFreight-outTravel expense Postage expenseCashPetty cashCash over and shortFreight-outTravel expense CashPostage expenseTravel expenseCash over and shortPetty cashFreight-out Petty cashFreight-outPostage expenseCashCash over and shortTravel expense Freight-outPostage expenseTravel expensePetty cashCashCash over and short Click here if you would like to Show Work for this question
The 1st thing to do in such questions is to see if the cash in hand and the receipts total $100. In this case, they total only $95 (7+52+26+10), so there's a cash shortage of $5. [ [ You'll need to use an account called "Cash over and short" or something similar. Dr Postage $52 Dr Freight out $26 Dr Travel expense $10 Dr Cash over and short $5 Cr Cash $93 You have $7 in cash and after the
above reimbursement, your fund will be back to $100. ] ]
Expert answered|armageddon|Points 298|
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Asked 3/7/2013 5:43:38 PM
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