Question:

On November 1, 20X8, Heather Station established a $350 petty cash fund. At the end of November the petty cash fund contained:

 

 Cash on hand $65.25
 Petty cash tickets for

postage     $91.00

office supplies94.50

miscellaneous items99.25

 

a)Prepare the journal entry to establish the petty cash fund on November 1, 20X8.

b)Prepare the journal entry on November 30, 20X8, to replenish the petty cash fund.

c)Assume on November 30, 20X8, after replenishing the petty cash fund, Heather Station desires to decrease the petty cash fund to $300. Prepare the necessary journal entry.

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