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Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account.

Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account.
Transcribed Image Text:Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account.
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