Loucks Company established a $240 petty cash fund on October 2, 2021. The fund is...
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Accounting
Loucks Company established a $240 petty cash fund on October 2, 2021. The fund is replenished at the end of each month. At the end of October 2021, the fund contained $53 in cash and the following receipts:
| Office supplies | $ | 84 | |
| Advertising | 56 | ||
| Postage | 24 | ||
| Miscellaneous | 23 | ||
Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.
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