Question

5 - Journalize the following transactions related to petty cash. On 3/1 Your Co. decides to establish a petty cash fund and takes $100 of cash out of its checking account & puts it into petty cash. On 3/16 Your Co, replenishes the petty cash fund. The fund had $10 cash left and receipts as follows: postage $30, office supplies $20, and miscellaneous $50. On 3/18 Your Co. decides to increase the petty cash fund by $50. On 3/31 Your Co. replenishes the petty cash fund. The fund had $16 cash left and receipts as follows: postage $48, office supplies $32, and miscellaneous $32.

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
3/1	Petty Cash	$                        100
	Cash		$                           100
	Postage	$                           30
3/16	Office Supplies	$                           20
	Miscllaneous Expenses	$                           50
	Petty Cash		$                             90
	Cash Short & Over (Difference)		$                             10
3/16	Petty Cash	$                           90
	Cash		$                             90
3/18	Petty Cash	$                           50
	Cash		$                             50
3/31	Postage	$                           48
	Office Supplies	$                           32
	Miscllaneous Expenses	$                           32
	Cash Short & Over (Difference)	$                           22
	Petty Cash		$                           134
3/31	Petty Cash	$                        134
	Cash		$                           134