Brief Exercise 8-09 On March 20, Dody's petty cash fund of $100 is replenished when the fund contains $9 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.

Question

Kristian Graham

Business

10 September, 07:06

Brief Exercise 8-09 On March 20, Dody's petty cash fund of $100 is replenished when the fund contains $9 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.

+3

Answers (1)

Know the Answer?

Danielle Hall · Answer 1

The Journal Entry to record the replenishment of petty cash fund.

Date Description Dr. Cr.

Mar. 20 Postage Expense $52

Freight - Out $26

Travel Expense $10

Cash over & Short $3

Cash (100 - 9) $91

Explanation:

All the expenses should be debited due to their debit nature as an expense. and the cash should be credit net of replenished amount and cash available. To balance bot side there might be a cash shortage or cash over entry which should be recorded accordingly.