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A petty cash fund was established for $250 dollars on November 1st. On November 30th, the petty cash box had $8.75 remaining and had the
A petty cash fund was established for $250 dollars on November 1st. On November 30th, the petty cash box had $8.75 remaining and had the following receipts: Postage $98 Office Supplies used during the month $110 Pizza for employees working overtime $35 What journal entry would the company make to record the establishment of the $250 petty cash fund on November 1st? Debit Various Expenses $250 and Credit Petty Cash $250 Debit Petty Cash $250 and Credit Cash $250 Debit Cash $250 and Credit Petty Cash $250 Debit Postage Expense $98 Debit Office Supplies Expense $110 Debit Meals Expense $35 Credit Cash $250
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