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Question #2 (9 marks) Seaside Eatery is a sole proprietorship owned by Bob Seagull. On March 1, Seaside Eatery established a petty cash fund for
Question \#2 (9 marks) Seaside Eatery is a sole proprietorship owned by Bob Seagull. On March 1, Seaside Eatery established a petty cash fund for $150. On March 31 , the petty cash fund had $5.65 cash remaining. The petty cash receipts for the month were equipment repairs $63.94; owner withdrew cash, $50.00; and restaurant supplies 32.00. REQUIRED: 1. Record the journal entry on March 1 for the establishment of the petty cash fund. 2. Record the journal entry on March 31 to replenish the petty cash fund and also increase the fund by $50 to a total of $200
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