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Journalize the entries to record the following: Check No. 245-13 is issued to establish a petty...

Journalize the entries to record the following:

  1. Check No. 245-13 is issued to establish a petty cash fund of $1,300.
  2. The amount of cash in the petty cash fund is now $468. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $483; miscellaneous selling expense, $200; miscellaneous administrative expense, $125.
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Answer #1

Journal Entries:

Transaction General journal Debit Credit
a Petty Cash $1300
      Cash $1300
( To record Establishment of fund )
Transaction General journal Debit Credit
b Office Supplies $483
Misc Selling Expenses $200
Misc Administrative Expense $125
Cash Short and Over $24
            Cash $832
(To record the replenishment of Petty cash fund)
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