Fresno Co. establishes a $350 petty cash fund on January 1. On January 8, the fund shows $140 in cash
along with receipts for the following expenditures: postage, $67; transportation-in, $35; delivery expenses,
$52; and miscellaneous expenses, $56. Fresno uses the perpetual system in accounting for merchandise
inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on
January 8, and (3) both reimburse the fund and increase it to $550 on January 8, assuming no entry in
part 2. (Hint: Make two separate entries for part 3.)
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