Problem 6-24A (Algo) Part cc. Identify the event depicted in each journal entry recorded in Requiremerit (a) as asset source, asset use, asset exchange, or claimexchange. If no journal entry was recorded, choose no effect.Type of EventEvent Number1.23. Required informationProblem 6-24A (Algo) Petty cash fund LO 6-4[The following information applies to the questions displayed below.)Austin Company established a petty cash fund by issuing a check for $286 and appointing Steve Mack as petty cashcustodian. Mack had vouchers for the following petty cash payments during the month.StampsMiscellaneous itemsEmployee supper moneyTaxi fareWindow-washing service$5024654581There was $20 of currency in the petty cash box at the time it was replenished.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, and (4) replenishment of the fund. Assume the companyuses a traditional approach to petty cash expense recognition and replenishment.

Companies utilize a petty cash system as a way to manage often occurring little costs. Even though…

Problem 6-24A (Algo) Part c c. Identify the event depicted in each journal entry recorded in Requiremerit (a) as asset source, asset use, asset exchange, or claim exchange. If no journal entry was recorded, choose no effect. Event Number 1. 2 3. Type of Event

Problem 6-24A (Algo) Part c c. Identify the event depicted in each journal entry recorded in Requiremerit (a) as asset source, asset use, asset exchange, or claim exchange. If no journal entry was recorded, choose no effect. Event Number 1. 2 3. Type of Event

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Problem 6-24A (Algo) Part c
c. Identify the event depicted in each journal entry recorded in Requiremerit (a) as asset source, asset use, asset exchange, or claim
exchange. If no journal entry was recorded, choose no effect.
Type of Event
Event Number
1.
2
3.

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