On march 20, concord’s petty cash fund of $119 is replenished when the fund contains $6 in cash and receipts for postage $49, freight-out $18, and travel expense $42. prepare the journal entry to record the replenishment of the petty cash fund.

The required entry is shown below.

Step-by-step explanation:

Consider the provided information.

It is given that Concord’s petty cash fund of $119 is replenished when the fund contains $6 in cash and receipts for postage $49, freight-out $18, and travel expense $42.

First find the total of cash in hand and receipt:

Total = $6+$49+$18+$42 = $115

The total should be $119, that means the cash shortage is:

$119-$115 = $4

Therefore, the journal entry to record the replenishment of the petty cash fund is

                                        Debit            Credit          

Postage                           $49

Freight out                      $18

Travel expense               $42

Cash over and short      $4

Cash                                                $119-6 = $113        

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step-by-step explanation: