Answer:
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
