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Problem 8-2A Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Co set up a petty cash fund for payments of smal
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FOLLOWING ARE THE JOURNAL ENTRIES FOR THE TRANSACTIONS INVOLVED IN THE PETTY CASH FUND OCCURED IN MAY.

DATE   GENERAL JOURNAL   DEBIT CREDIT
May 1 Petty cash $300
Cash $300
May 15 Janitorial expenses $93.60
Miscellaneous expenses $76.41
Postage expenses $52.20
Advertisement expenses $68.58
Cash over and short $13.80
Cash $276.99*
May 16 Petty cash $200
Cash $200
May 31 postage expenses $53.73
Mileage expenses $42.78
Merchandise expenses $44.17
Cash over and short $35
Cash $175.68**
May 31 Cash $50
Petty Cash $50

* $276.99 ( $300 - $23.01 )

** $175.68 ( $500 - $324.32 )

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