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On February 10, this year, the company established a $400 petty cash fund. We use perpetual inventory system At the end of February, the petty cash fund contained:
Cash on hand $54.30 Petty cash tickets for Transportation In $115.32 Office supplies 74.24 Coffee supplies 26.52 Computer paper 99.25 Lunch for meeting 28.46
Problem 1: Prepare the journal entry to establish the petty cash fund on February 10
Problem 2: Prepare the journal entry, at the end of February, to replenish the petty cash fund.
Problem 3: Prepare the journal entry to increase the petty cash by $50 to be $450 now.
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