Essay
On August 3, Sonar Sales decides to establish a $275.00 Petty Cash Account to relieve the burden on Accounting.
(a)Journalize the establishment of this fund.(b)On August 11, 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. Record any missing funds in the cash short and over account.(c)On August 12, Sonar Sales decides to increase petty cash to $400.00. Journalize this transaction.
Correct Answer:
Verified
Correct Answer:
Verified
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