Question: 3 | AB D E 5 - Journalize the following transactions related to petty cash. On 3/1 Your Co. decides to establish a petty cash

 3 | AB D E 5 - Journalize the following transactions

3 | AB D E 5 - Journalize the following transactions related to petty cash. On 3/1 Your Co. decides to establish a petty cash fund and takes $300 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 $30 cash left and 4 receipts as follows: postage $90, office supplies $60, and miscellaneous $150. 5 On 3/18 Your Co. decides to increase the petty cash fund by $150. On 3/31 Your Co. replenishes the petty cash fund. The fund had $48 cash left and receipts as follows: postage $144, office supplies $96, and miscellaneous $96. Date Account Dr. Cr. 10 1-Mar 11 12 (Establish petty cash fund) 13 14 16-Mar 15 16 17 18 LO 9 S

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!