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Question: Bing Company decides to open a Petty Cash account in May, 2016. a) Record the journal entry to e…
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Show transcribed image text Bing Company decides to open a Petty Cash account in May, 2016. a) Record the journal entry to establish the imprest fund for $300. Below is a summary of the monthly activity in the petty cash fund for the month of May. b) Journalize the May activity and replenish the fund. c) On June 5, record the entry to re-establish the petty cash balance to $350.

Bing Company decides to open a Petty Cash account in May, 2016. a) Record the journal entry to establish the imprest fund for $300. Below is a summary of the monthly activity in the petty cash fund for the month of May. b) Journalize the May activity and replenish the fund. c) On June 5, record the entry to re-establish the petty cash balance to $350.

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