Journalize the entries to record the following:
Jun 1 Established a petty cash fund of $200
Jun 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; miscellaneous $20.
Record any discrepancy in the cash short and over account.
Journal
Definitions:
Positive Net Income
A financial situation where a company's total revenues exceed its total expenses, indicating profitability.
Inexpensive to Organize
Refers to the low cost associated with setting up a certain type of business structure or organization.
Personal Assets
Items or properties owned by an individual that have value.
Mutual Agency
A legal principle in partnership that allows each partner to act on behalf of the partnership, binding it in contracts and agreements.
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