Essay
Journalize the following petty cash transactions.
(a) On August 3rd, Sonar Sales decides to establish a $275.00 petty cash account to relieve the burden on Accounting.
(b) On August 11th, the petty cash fund has receipts for mail and postage of $124.75, contributions and donations of $53.25, meals and entertainment of $63.85 and $32.75 in cash. Journalize the replenishment of the fund.
(c) On August 12th, Sonar Sales decides to increase petty cash to $400.00.
Correct Answer:
Verified
Correct Answer:
Verified
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