On March 20, Pharoah’s petty cash fund of $108 is replenished when the fund contains $13...

On March 20, Pharoah’s petty cash fund of $108 is replenished when the fund contains $13 in cash and receipts for postage $46, supplies $20, and travel expense $29. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent man ually.)

Expert Solution

Journal entry is as follow:

	Dr	Cr
Postage	$46
Supplies	$20
Travel expense	$29
Cash over and short	$0
Cash ($108-$13)		$95

Petty cash account is openend to avoid a journal entry for each transaction which has relatively smaller amount.

jeff jeffy answered 2 years ago

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