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31 July, 12:04

Spencer Co. has a $360 petty cash fund. At the end of the first month the accumulated receipts represent $59 for delivery expenses, $191 for merchandise inventory, and $28 for miscellaneous expenses. The fund has a balance of $82. The journal entry to record the reimbursement of the account includes a:

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  1. 31 July, 14:52
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    Journal Entry

    Explanation:

    The Journal entry is to record reimbursement of the account shown below:-

    Delivery expenses Dr, $59

    Merchandise inventory Dr, $191

    Miscellaneous expenses Dr, $28

    To Cash $278

    (Being petty cash reimbursement is recorded)
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