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Vaughn, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follawing information is available for
Vaughn, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follawing information is available for the month of pril. 1. On April 1, it established a petty cash fund in the amaunt of $239. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10, when the balance in petty cash was $10, is as follows. The company uses a periodic imventory system. 3. The petty cash fund balance was increased $110 to $349 an April 20. Prepare the journal entries to record transactions related to petty cash for the manth of April. Of no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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