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Prepare the petty cash book for hay traders

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Reference no: EM132969046

QUESTION - Hay Traders established a $150 petty cash fund for small expenditures. Hay decided to replenish the account when the balance reach $80. The following transactions occurred in the first two weeks of the month of March 2020.

Date Voucher No. Description Amount $

04/03 01 Entertainment expense 50

06/03 02 Stamp and envelop expenses 10

06/03 03 Cleaning liquids and other cleaning expense 15

07/03 04 Miscellaneous expense 5

10/03 05 Postage 10

12/03 06 Travelling expense 20

13/03 07 Freight out 30

Required -

1. Show the journal entries to establish the petty cash fund.

2. Show the journal entries to replenish the fund.

3. Show the journal entries assuming that a decision was made to increase the fund to $200.

4. Prepare the petty cash book for Hay Traders, with appropriate analysis columns to incorporate the transactions shown above.

Reference no: EM132969046

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