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23 Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date
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Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for Merchandise Inventory, and $22 for Miscellaneous Expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1 is: Multiple Choice Debit Petty Cash $300; credit Cash $300. Debit Cash $50; credit Petty Cash $50. o Debit Miscellaneous Expense $50, credit Cash $50 Debit Petty Cash $50: credit Accounts Payable $50 Debit Petty Cash $50; credit Cash $50 Step by Step Solution
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