[The following information applies to the questions displayed below] Austin Company established a petty cash fund by issuing a check for $238 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps $42 15 Miscellaneous itens Employee supper money Taxi fare 57 37 Window-washing service 72 There was $12 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 company uses a traditional approach to petty cash expense recognition and replenishment.

[The following information applies to the questions displayed below] Austin Company established a petty cash fund by issuing a check for $238 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps $42 15 Miscellaneous itens Employee supper money Taxi fare 57 37 Window-washing service 72 There was $12 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 company uses a traditional 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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Aa.61.
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