Question: On January 1 Martin Co establishes a petty cash fund

On January 1, Martin Co. establishes a petty cash fund in the amount of $500. On January 31, the fund is replenished. Before replenishment, there was $128.75 remaining in the petty cash drawer and the following receipts: parking fees, $103.50; postage, $50; office supplies, $198; and miscellaneous expenses, $22.
Required
Prepare all journal entries necessary to record the establishment and replenishment of the fund.

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  • CreatedJuly 16, 2015
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