Journalize the entries to record the following: Check is issued to establish a petty...
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Accounting
Journalize the entries to record the following:
Check is issued to establish a petty cash fund of $1,300.
The amount of cash in the petty cash fund is now $429. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $505; miscellaneous selling expense, $209; miscellaneous administrative expense, $131. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,300, record the discrepancy in the cash short and over account.)
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