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Question - Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $110. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box.
Date
Receipt No.
For
Amount
Feb. 15
1
Supplies
$11
Feb. 18
2
Miscellaneous expense
7
Feb. 20
3
Freight in (assume perpetual inventory system)
33
Feb. 21
4
15
Feb. 22
5
Delivery charges on outgoing freight
18
Feb. 27
6
26
Required -
Record the journal entry on February 14 to establish the petty cash fund.
Record the journal entry on February 28 to replenish the fund and increase the balance to $193.
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