PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May: Date Voucher No. Purpose Amount Postage due Office supplies Auto repair (miscellaneous) Drawing (Joy Adams) Donation (Red Cross) Travel expenses Postage stamps Phone call $ 3.50 May 1 3 1 11.00 5 3 43.00 4 25.00 11 5 10.00 15 28.00 22 3.50 26 5.00 30 Donation (Boy Scouts) 20.00 REQUIRED 1. Prepare the journal entry to establish the petty cash fund. 2. Record the vouchers in the petty cash record. Total and rule the petty record. cash 3. Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash resord 6799

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Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.