Establishing and replenishing a petty cash fund, Accounting Basics

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Establishing and replenishing a petty cash fund

Response to the following problem:

Establishing and replenishing a petty cash fund

Journalize the following transactions completed during November of the current year.The abbreviation for check is C.

Transactions: Nov. 5. Paid cash to establish a petty cash fund, $300.00. C527.

30. Paid cash to replenish the petty cash fund, $165.00: supplies, $57.00; miscellaneous expense, $58.00; repairs, $40.00; postage (Postage Expense), $10.00. C555.

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Accounting Basics: Establishing and replenishing a petty cash fund

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Accounting Basics: Establishing and replenishing a petty cash fund

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