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On March 1, John decides that his company could use a $100 petty cash fund, so he establishes one. Record March 1 journal entry to
On March 1, John decides that his company could use a $100 petty cash fund, so he establishes one. Record March 1 journal entry to establish the fund Account Name Dr Cr After 14 days, Jeremiah, the petty cash custodian, requests a check for $87. The fund consists of $13 cash, and cash receip miscellaneous expenses $5. These have already been paid for, hence the receipts Record March 15 entry to replenish the fund Account Name Dr Time left for this assessment: 52.42
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