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Journalize the following transactions involving the petty cash fund for the sunshine motel. 1. Establish a...

Journalize the following transactions involving the petty cash fund for the sunshine motel.

1. Establish a petty cash fund on February 1, 20X4, for $150

2. Increase the fund to $200 on March 1, 20X4.

3. Eliminate the petty cash fund on November 15, 20X4.

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Answer #1

Journal

February 1, 20X4 Petty cash $150
Cash $150
March 1, 20X4 Petty cash $50
Cash $50
November 15, 20X4 Cash $200
Petty cash $200
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