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$92 Part 2 As the controller of Lynbrook, Inc., you decided to create a petty cash fund of $500 on February 1, 2020. Towards the
$92 Part 2 As the controller of Lynbrook, Inc., you decided to create a petty cash fund of $500 on February 1, 2020. Towards the end of February, the following cash receipts/vouchers were in the petty cash box: repairs expense postage expense 130 office supplies telephone expense delivery expense (continued) 47 In addition to the above cash receipts/vouchers the petty cash box contained $87 in cash. Due to the high use of the petty cash fund during February, it was determined that the petty cash fund should be increased to $850 at the end of February. On February 29, Lynbrook made the decision to replenish the petty cash fund and increase the balance to $850. Required: Prepare journal entries, in general journal form, to record the following: a) Establishment of the petty cash fund on February 1 b) Replenishment of the petty cash fund and increase the balance to $850 on February 29
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