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Travis Company purchased merchandise on account from a supplier for $13,800, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
Travis Company purchased merchandise on account from a supplier for $13,800, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. Journalize the entries to record the following: March 1 Established a petty cash fund of $507. March 31 The amount of cash in the petty cash fund is now $336. The fund is replenished based on the selling expenses, $136. Record any discrepancy in the cash short and over account. If an amount box does not require an entry leave it blank Mar. 1 Mar 31 The actual cash received during the week ended June 7 for cash sales was $18,204, and the amount indicated by the cash register total was $18,186. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. June 7
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