Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4Fresh Foods established a petty cash fund of $95 on January 2. On January 31, the fund contained cash of $9.50 and vouchers for thefollowing cash payments:Maintenance expenseOffice suppliesTransportation expenseThe four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursementsmade to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund.Assume the Company uses the alternative approach to petty cash expense recognition and replenishment.RequiredShow each of the four events in the following horizontal statements model. (Enter any decreases to account balances with a minussign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA),financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.)No$28.5038.0019.00Balance SheetAssetsFRESH FOODSHorizontal Statements ModelStockholdersEquityRevenueIncome StatementExpenseNot IncomeStatement of CashFlows The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursementsmade to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund.Assume the Company uses the alternative approach to petty cash expense recognition and replenishment.RequiredShow each of the four events in the following horizontal statements model. (Enter any decreases to account balances with a minussign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA),financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.)No1924CashBalance SheetAssets+Petty Cash95.00.FRESH FOODSHorizontal Statements ModelStockholders'EquityRetainedEarningsRevenueIncome StatementExpenseNet IncomeStatement of CashFlows

Petty cash is a fixed amount of cash set aside to meet day-to-day expenses in smaller amounts. The…

Fresh Foods established a petty cash fund of $95 on January 2. On January 31, the fund contained cash of $9.50 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.50 38.00 19.00 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund. Assume the Company uses the alternative approach to petty cash expense recognition and replenishment.

Fresh Foods established a petty cash fund of $95 on January 2. On January 31, the fund contained cash of $9.50 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.50 38.00 19.00 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund. Assume the Company uses the alternative approach to petty cash expense recognition and replenishment.

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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