16. On January 1st, Melissa co. establishes a petty cash fund in the amount of...
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Accounting
16. On January 1st, Melissa co. establishes a petty cash fund in the amount of $750. On 31 January, the fund is replenished. Before replenishment, there was $278.25 remaining in the petty cash drawer and the following receipts:
I. parking fees - $125.25
ii. postage - 71
iii. office supplies - $222
iv. miscellaneous expenses - $52
prepare all journal entries necessary to record the establishment and replenishment of the fund
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