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Question - Petty Cash Record and Journal Entries - On May 1, a petty cash fund was established for $250.00. The following vouchers were issued during May:
Date
Voucher No.
Purpose
Amount
May 1
1
Postage due
$3.50
May 3
2
Office supplies
13.00
May 5
3
Auto repair (miscellaneous)
44.00
May 7
4
Drawing (Joy Adams)
27.00
May 11
5
Donation (Red Cross)
10.00
May 15
6
Travel expenses
May 22
7
Postage stamps
3.20
May 26
8
Phone call
3.00
May 30
9
Donation (Boy Scouts)
19.00
Required -
1. Prepare the journal entry to establish the petty cash fund.
2. Record the vouchers in the petty cash record. Total each column and determine the balance before replenishing the petty cash fund.
3. Prepare the journal entry to replenish the petty cash fund. Then record the amount in the petty cash record in part 2.
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