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c. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your answers in the tabs below. Required A Required C Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect. Event Number Type of Event

c. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your answers in the tabs below. Required A Required C Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect. Event Number Type of Event

FINANCIAL ACCOUNTING
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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c. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your answers in the tabs below. Required A Required C Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect. Event Number Type of Event 1. 2. 3. 4
Transcribed Image Text:c. Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your answers in the tabs below. Required A Required C Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect. Event Number Type of Event 1. 2. 3. 4
Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month: Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service There was $21 of currency in the petty cash box at the time it was replenished. $62 20 70 50 75 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses (Note: all expenses are recorded in total as miscellaneous expense), and (4) replenishment of the fund. Assume the Company uses the traditional approach to petty cash expense recognition and replenishment.
Transcribed Image Text:Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month: Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service There was $21 of currency in the petty cash box at the time it was replenished. $62 20 70 50 75 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses (Note: all expenses are recorded in total as miscellaneous expense), and (4) replenishment of the fund. Assume the Company uses the traditional approach to petty cash expense recognition and replenishment.
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