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2. On November 1, a company established a $90 petty cash fund. On November 12, the petty cash fund contains $3 in cash and the
2. On November 1, a company established a $90 petty cash fund. On November 12, the petty cash fund contains $3 in cash and the following paid petty cash receipts: transportation-in on merchandise inventory $14.25; postage, $34.50; and office supplies, $36. Required: (a) Prepare entry the establishment of the petty cash fund on November 1. (b) Replenishing of the fund on November 12. (c) Increase the balance of the petty cash fund to $150 on November 13. (20%)
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