E8-7 - E8-7 Correct James Hughes Company established a...

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E8-7 Correct. James Hughes Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.75. Receipts: delivery expense $31.25; postage expense $39.00; and miscellaneous expense $25.00. July 1: Cash in fund $3.25. Receipts: delivery expense $21.00; entertainment expense $51.00; and miscellaneous expense $24.75. On July 10, James Hughes increased the fund from $100 to $150. Instructions Prepare journal entries for James Hughes Company for May 1, June 1, July 1, and July 10.
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