Journalize the entries to record the following:
June 1 Established a petty cash fund of $200.
30 The amount of cash in the petty cash fund is now $57.The fund is replenished based on the following receipts: postage,$25; entertainment,$100; and miscellaneous,$20.
Journal
Definitions:
Ability-To-Pay Taxation
A taxation principle that suggests taxes should be levied based on an individual's or entity’s capacity to pay, focusing on fairness and equity.
Income Receivers
Individuals or entities that receive income through various means such as employment, investments, or ownership of resources.
Tax Structure
The organized system of taxes imposed by a government, including the rates, bases, and rules governing tax liabilities.
Government Lotteries
State-run games of chance that allow participants to win monetary prizes based on randomly drawn numbers or symbols.
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