PRACTICE EXERCISE 4 On November 1, a petty cash fund was established for $100. By...
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Accounting
PRACTICE EXERCISE 4
On November 1, a petty cash fund was established for $100. By month-end, the following expenditures had been recorded: office supplies, $15.70; postage, $26; miscellaneous, $8.40; delivery expense, $31.25; and freight in, $12.70.
Record the following entries in the Cash Payments Journal:
(a) An entry to establish the petty cash fund on November 1 (Cheque #841).
(b) An entry to reimburse the fund on November 30, assuming the actual cash on hand in the petty cash box was $5.70. (Cheque #882)
(c) An entry to reimburse the fund on November 30, assuming the actual cash on hand in the petty cash box was $6.95. (Cheque #882)
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