Journalize the Entries to Record the Following

question 70

Essay

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; miscellaneous $20.
Record any discrepancy in the cash short and over account.
Journal

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Definitions:

Demand Curve

A graph depicting the relationship between the price of a good and the quantity demanded, typically showing a downward slope.

Unit Elasticity

A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total-revenue Curve

A graphical representation showing how the total revenue of a firm changes as the quantity sold of its product varies.

Linear Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded, characterized by a straight line.