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What is the journal entry to record establishment of fund

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Problem

Havermill Co. establishes a $490 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $97 for Office Supplies, $185 for merchandise inventory, and $46 for miscellaneous expenses. The fund has a balance of $162. On October 1, the accountant determines that the fund should be increased by $98. What is the journal entry to record the establishment of the fund on September 1.

Reference no: EM131800007

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