Gg.154. Sandhill Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Established the petty cash fund by writing a check payable to the petty cash custodian for $242.00.Replenished the petty cash fund by writing a check for $196.00. On this date, the fund consisted of $46.00 in cash andthese petty cash receipts: freight-out $53.40, entertainment expense $15.00, postage expense $12.70 andmiscellaneous expense $110.90.Aug. 1151631Increased the amount of the petty cash fund to $442.00 by writing a check for $200.00.Replenished the petty cash fund by writing a check for $304,00. On this date, the fund consisted of $138.00 in cash andthese petty cash receipts: postage expense $125.00, entertainment expense $131.60, and freight-out $46.40.

Petty cash is part of cash and cash equivalent that is highly liquidated as it mostly contains cash,…

andhill Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $242.00. Replenished the petty cash fund by writing a check for $196.00. On this date, the fund consisted of $46.00 in cash and these petty cash receigts: freight-out $53.40, entertainment expense $15.00, postage expense $12.70 and miscellaneous expense $110.90. Aug. 1 15 16 31 Increased the amount of the petty cash fund to $442.00 by writing a check for $200.00. Replenished the petty cash fund by writing a check for $304.00. On this date, the fund consisted of $138.00 in cash and these petty cash receipts: postage expense $125.00, entertainment expense $131.60, and freight-out $46.40.

andhill Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $242.00. Replenished the petty cash fund by writing a check for $196.00. On this date, the fund consisted of $46.00 in cash and these petty cash receigts: freight-out $53.40, entertainment expense $15.00, postage expense $12.70 and miscellaneous expense $110.90. Aug. 1 15 16 31 Increased the amount of the petty cash fund to $442.00 by writing a check for $200.00. Replenished the petty cash fund by writing a check for $304.00. On this date, the fund consisted of $138.00 in cash and these petty cash receipts: postage expense $125.00, entertainment expense $131.60, and freight-out $46.40.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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