E8-5 Auld Company uses an imprest petty cash system. The fund was established on March 1with a balance of $100. During March, the following petty cash receipts were found in the pettycash box:DateForReceipt No.123Mar. 5791114Postage StampsFreight In (assume perpetual inventory system)Miscellaneous ExpenseTravel ExpenseMiscellaneous ExpenseThere was $4 in the cash box when the fund was replenished on March 15. On March 20, the amountin the fund was increased to $150.45Amount$381912InstructionsJournalize the entries in March for the operation of the petty cash fund.E8-6 Part 1: The followin245/98

Petty cash is a small amount of cash kept in the company premises to meet minor expenses in the…

55/98 There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount in the fund was increased to $150. Instructions Journalize the entries in March for the operation of the petty cash fund. E8-6 Part 1-The follo

55/98 There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount in the fund was increased to $150. Instructions Journalize the entries in March for the operation of the petty cash fund. E8-6 Part 1-The follo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

E8-5 Auld Company uses an imprest petty cash system. The fund was established on March 1
with a balance of $100. During March, the following petty cash receipts were found in the petty
cash box:
Date
For
Receipt No.
1
2
3
Mar. 5
7
9
11
14
Postage Stamps
Freight In (assume perpetual inventory system)
Miscellaneous Expense
Travel Expense
Miscellaneous Expense
There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount
in the fund was increased to $150.
4
5
Amount
$38
19
12
Instructions
Journalize the entries in March for the operation of the petty cash fund.
E8-6 Part 1: The followin
24
5/98

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