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Loucks Company established a $240 petty cash fund on October 2, 2021. The fund is...

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Accounting

Loucks Company established a $240 petty cash fund on October 2, 2021. The fund is replenished at the end of each month. At the end of October 2021, the fund contained $53 in cash and the following receipts:

Office supplies $ 84
Advertising 56
Postage 24
Miscellaneous 23

Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.

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