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Journalize the entries to record the following: a. On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,175. b.
Journalize the entries to record the following: a. On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,175. b. The amount of cash in the petty cash fund is now $110. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.) Chart of Accounts ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 121 I and CHART OF ACCOUNTS General Ledger REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense - 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense
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