Question
Loucks Company established a $400 petty cash fund on October 2, 2016. The fund is replenished at the end of each month. At the end
Loucks Company established a $400 petty cash fund on October 2, 2016. The fund is replenished at the end of each month. At the end of October 2016, the fund contained $107 in cash and the following receipts: Office supplies $ 116 Lunch with client 98 Postage 40 Miscellaneous 39 Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) I need journal entry...Record the transaction to establish the petty cash fund
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