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Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and
Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a: credit to Petty Cash for $2 credit to Cash or $180 debit to Cash Short for $2 credit to Cash for $318 Alpha Company provided the following data concerning its income statement: sales, $1,050,000; purchases, $497,000; beginning inventory, $255,000; ending inventory, $302,000; operating expenses, $102,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $119,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income
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