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Can someone help me on this please ASAP. i have 35 mins for the quiz. thanks On January 1, Percys Weir Inc. established a petty

Can someone help me on this please ASAP. i have 35 mins for the quiz. thanks

On January 1, Percys Weir Inc. established a petty cash fund of $50. The custodian complained that he had to reimburse the fund on a weekly basis, and suggested that the fund should be increased to $250. Management agreed with the custodian, and advised the cashier to increase the fund to $250 on February 1.

a.)Prepare the journal entry to record the establishment of the petty cash fund in the amount of $50

b) On January 25, the balance in the petty cash account was $0. A summary of expenses was prepared. Prepare the journal entry to replenish the petty cash fund.

Delivery expense

$19

Miscellaneous expense

9

Office expense

17

Stamps

4

Total

$49.00

c) On February 1, the petty cashier decided to increase the amount of the petty cash fund from $50 to $300. A cheque of $250 was issued. Record the transaction.

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