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Petty cash fund

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Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were dispursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.

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The solution explains the journal entries relating to petty cash fund.

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The entry to set up the fund would transfer cash to petty cash. The entry is
Petty Cash Dr 200
Cash Cr 200

When fund ...

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