Question - Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $110. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box.
|
Date
|
Receipt No.
|
For
|
Amount
|
|
Feb. 15
|
1
|
Supplies
|
$11
|
|
Feb. 18
|
2
|
Miscellaneous expense
|
7
|
|
Feb. 20
|
3
|
Freight in (assume perpetual inventory system)
|
33
|
|
Feb. 21
|
4
|
Supplies
|
15
|
|
Feb. 22
|
5
|
Delivery charges on outgoing freight
|
18
|
|
Feb. 27
|
6
|
Supplies
|
26
|
Required -
Record the journal entry on February 14 to establish the petty cash fund.
Record the journal entry on February 28 to replenish the fund and increase the balance to $193.