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Prepare journal entries for the following petty cash fund transactions: Aug. 1Establishe

 Prepare journal entries for the following petty cash fund transactions:

Aug. 1Established a $50 petty cash fund.

31Replenished the petty cash fund. Currency and coins remaining were $8.

Approved paid vouchers were $6 donation expense, $9 postage expense,

$12 office supplies expense, and $13 miscellaneous expense.

43) Prepare journal entries for the following petty cash fund transactions:

Jul. 1Established a $75 petty cash fund.

9Increased the petty cash fund to $100.

31Replenished the petty cash fund. Currency and coins remaining were $20.

Approved paid vouchers were $12 donation expense, $21 postage expense, $35

office supplies expense and $15 miscellaneous expense.

44) What would a company gain by using a petty cash fund?

45) Why is the petty cash account not credited if you add up the vouchers in the petty cash box and they equal $72.00?

Dec 06 2019 Read more Less More

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