Prepare the Journal Entries for the Following Petty Cash Transactions

question 52

Essay

Prepare the journal entries for the following petty cash transactions of Williamson Dental Supplies.Omit explanations.
$$\begin{array} { | r | r | } \hline \text { Aug. 1 } & \text { Established a petty cash fund with a } \$ 200 \text { balance } \\\hline & \text { The petty cash fund has } \$ 43 \text { in cash and } \$ 154 \text { in } \\& \text { petty cash tickets there were issued to pay for Office } \\&\text { Expense } ( \$ 75 ) \text { and Repair Expense } ( \$ 79 ) \\\text { Aug. 31 } & \text { Replenished the fund and recorded the expenditures } \\\hline \text { Oct. 15 } & \text { Increased the balance of the petty cash fund to } \$ 250 \\\hline\end{array}$$

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Definitions:

Sum of Squares

A statistical technique used to measure the variation or dispersion of a set of values, by quantifying the summation of the squared differences between each value and the mean of the set.

Deseasonalized Time Series

A time series from which seasonal effects have been removed to analyze the underlying trend without seasonal variability.

Moving Averages

Moving averages are statistical measures used to analyze data points by creating a series of averages of different subsets of the full data set.

Mean Absolute Deviation

The average of the absolute differences of each data point from the data set's mean.