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Question - Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:
December 4 Freight charge for merchandise purchased $51
December 7 Delivery charge for shipping to customer $75
December 12 Purchase of office supplies $40
December 18 Donation to charitable organization $59
If, in addition to these receipts, the petty cash fund contains $262.75 of cash, what the journal entry to reimburse the fund on December 31?
The following comments have been extracted from Wong's notes on IT operations and the processing and control of shipping notices and customer invoices.
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