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On January 1, a company establishes a petty cash account and designates one employee as petty cash custodian. The original amount included in the petty
On January 1, a company establishes a petty cash account and designates one employee as petty cash custodian. The original amount included in the petty cash fund is $500, and it will be replenished on the first of each month, after the petty cash custodian presents receipts for disbursements to the general cashier. The petty cash box includes the following at the end of January: Cash $ 176 Receipts for: Office supplies 147 Postage 83 Entertainment 104 the entry to replenish the fund on February 1 will include A credit to cash of $314 A credit to petty cash of $294 A debit to cash short and over of $10 Acredit to cash short and over of $10
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