Prepare the journal entries for the following petty cash transactions of Morrison Dental Supplies
Aug. 1 Established a petty cash fund with a $200 balance.
Aug
31 The petty cash fund has $43 in cash and $154 in petty cash tickets there were issued to pay for Office Expense ($75 ) and Repair Expense ($79 ). Replenished the fund and recorded the expenditures.
Oct. 15 Increased the balance of the petty cash fund to $250.
What will be an ideal response
Aug. 1 Petty Cash 200
Cash 200
Aug. 31 Office Expense 75
Repair Expense 79
Cash Short & Over 3
Cash 157
Oct. 15 Petty Cash 50
Cash 50
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