Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 15 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. Replenished the petty cash fund by writing a check for $216.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $92, entertainment expense $47.10, postage expense $43.50, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $305 by writing a check for $85.00. Replenished the petty cash fund by writing a check for $288.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.10, entertainment expense $94.30, and freight-out $55.10.
Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 15 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. Replenished the petty cash fund by writing a check for $216.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $92, entertainment expense $47.10, postage expense $43.50, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $305 by writing a check for $85.00. Replenished the petty cash fund by writing a check for $288.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.10, entertainment expense $94.30, and freight-out $55.10.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1
15
16
31
Established the petty cash fund by writing a check payable to the petty cash custodian for $220.
Replenished the petty cash fund by writing a check for $216.50. On this date, the fund consisted of $3.50 in cash and
these petty cash receipts: freight-out $92, entertainment expense $47.10, postage expense $43.50, and miscellaneous
expense $32.50.
Increased the amount of the petty cash fund to $305 by writing a check for $85.00.
Replenished the petty cash fund by writing a check for $288.60. On this date, the fund consisted of $16.40 in cash and
these petty cash receipts: postage expense $138.10, entertainment expense $94.30, and freight-out $55.10.
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