On August 1, 2019, Rubble Station Established a $350 Petty $\quad ~~~~~~~~~~~~~~~~~\$ 65.25$

question 95

Essay

On August 1, 2019, Rubble Station established a $350 petty cash fund. At the end of August, the petty cash fund contained: - Cash on hand $\quad ~~~~~~~~~~~~~~~~~\$ 65.25$
- Petty cash tickets for
$\begin{array} { l r } \text { postage } & \$ 95.50 \\ \text { office supplies } & 94.50 \\ \text { miscellaneous items } & 99.25 \end{array}$ a)Prepare the journal entry to establish the petty cash fund on August 1, 2019.
b)Prepare the journal entry on August 31, 2019, to replenish the petty cash fund.
c)Assume on August 31, 2019, after replenishing the petty cash fund, Rubble Station desires to increase the petty cash fund to $400. Prepare the necessary journal entry.

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Definitions:

Neoliberal Globalization

An economic and political paradigm that promotes free markets, deregulation, and an increase in global trade and investment.

World Trade Organization

An international organization that regulates international trade, setting legal and institutional foundations for global trade relations.

International Monetary Fund

An international organization created to promote global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Government Subsidies

Financial support from a government to individuals, organizations, or industries, aimed at promoting economic activities, reducing costs, or supporting public interest goals.