Feb 2-Märt established a petty cash fund recently and the following transactions affecting the fund occurred during February 1 Established a $250 petty cash fund. Paid $55 to replenish office supplies. 5 8 Gave $30 to company controller for business lunch with customers. Paid $45 for postage. 18 20 Paid $65 C.O.D. charges on merchandise purchased for sale. 25 Paid $50 for janitorial services. 28 When sorting the receipts in order to replenish the fund, the custodian noted that there was $245 in receipts and $10 in cash. Additionally, a decision was made to reduce the fund to $200. its six
Feb 2-Märt established a petty cash fund recently and the following transactions affecting the fund occurred during February 1 Established a $250 petty cash fund. Paid $55 to replenish office supplies. 5 8 Gave $30 to company controller for business lunch with customers. Paid $45 for postage. 18 20 Paid $65 C.O.D. charges on merchandise purchased for sale. 25 Paid $50 for janitorial services. 28 When sorting the receipts in order to replenish the fund, the custodian noted that there was $245 in receipts and $10 in cash. Additionally, a decision was made to reduce the fund to $200. its six
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....
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