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Spencer Co. decides to establish a petty cash fund with a beginning balance of $200. The company decides that any purchase under $25 can be processed through petty cash instead of the voucher system. The journal entry to record establishing the account is?

Respuesta :

Answer:

journal entry are as given below

Explanation:

given data  

beginning balance = $200

purchase = $25

to find out  

journal entry to record establishing the account is

solution

journal entry are as

Account                                Debit                                 Credit

Petty cash                            $200  

Cash                                                                                $200