Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
7th Edition
ISBN: 9781260581256
Author: John Wild
Publisher: McGraw-Hill Education
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Chapter 6, Problem 6QS

1.

To determine

Introduction: The petty cash disbursement is used to pay small payments for which separate check and entry is not feasible, such as postage, low-cost supplies, or minor repairs. For this purpose, a petty cash fund is established by estimating the fund required for small payments.

The journal entries to record, establishment of the petty cash fund and reimbursement of the fund at the end of current period.

2.

To determine

Introduction: The petty cash disbursement is used to pay small payments for which separate check and entry is not feasible, such as postage, low-cost supplies, or minor repairs. For this purpose, a petty cash fund is established by estimating the fund required for small payments.

The two events that cause petty cash account to be credited.

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