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.)

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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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