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Prepare journal entries for Larkspur Company

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Reference no: EM132700511

Question - Larkspur Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results.

June 1: Cash in fund $3.45. Receipts: delivery expense $29.85, postage expense $37.75, and miscellaneous expense $25.95.

July 1: Cash in fund $3.85. Receipts: delivery expense $22.65, entertainment expense $49.95, and miscellaneous expense $23.55.

On July 10, Larkspur increased the fund from $100 to $130.

Required - Prepare journal entries for Larkspur Company.

Reference no: EM132700511

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