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GLO601-kiona Co. set up a petty cash fund for payments of small amounts. The following transactions...

GLO601-kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occured in May.
May 1 Prepared a company check for $300.00 to establish the petty cah fund.
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Answer:

Date Particulars Debit ($) Credit ($)
1-May Petty cash $300
Cash $300
(Being petty cash fund established)
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