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Make the journal entry to establish a petty cash fund

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Problem - Based on the following petty cash information, make (a) the journal entry to establish a petty cash fund, and (b) the journal entry to replenish the petty cash fund.

On January 1, 20--, a check was written in the amount of $300 to establish a petty cash fund. During January, the following vouchers were written for cash removed from the petty cash drawer:

Voucher No.

Account Debited

Amount

1

Phone Expense

$21.20

2

Automobile Expense

39.60

3

James Lucas, Drawing

85.00

4

Postage Expense

15.30

5

Charitable Contributions Expense

20.00

6

Miscellaneous Expense

47.00

Reference no: EM132720899

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