Ex 8 Since the voucher system is good internal control but it could take days to cut a check, Lincolnville Company uses a petty cash system to handle small cash payments which need to be paid within a short period of time. 1) The fund was established March 1 with a check written to the Petty Cash Custodian for $100. 2) The following receipts were found in the petty cash box on March 15 when there was $4 in Cash remaining in the box. The Petty Cash was replenished. Date Receipt # 2 For Amount 5-Mar 1 Supplies $ 39 7-Mar 2 Freight-Out 21 9-Mar 3 Miscellaneous Expense 11-Mar 4 Supplies 14-Mar 5 Miscellaneous Expense 24 5 3) On March 16, the company decided the Petty Cash needed to be able to last longer before replenishment is needed, so it was decided to increase the petty cash total to $250. Journalize these 3 Petty Cash transactions below. Date 3 Account Name Debit Credit