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On July 31, Kenton Company's petty cash fund contained coins and currency of $260, an IOU from an employee of $30, and vouchers showing expenditures
On July 31, Kenton Company's petty cash fund contained coins and
currency of $260, an IOU from an employee of $30, and vouchers showing
expenditures of $120 for postage, $52 for taxi fare, and $138 to entertain a
customer. The Petty Cash account shows a balance of $600. The fund is
replenished on July 31 because financial statements are to be prepared. What
journal entry is required on July 31?
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