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Establishing and Replenishing a Petty Cash Fund InBeat CD Shop established a petty cash
Chapter 22, Problem 22-5(choose chapter or problem)
Establishing and Replenishing a Petty Cash Fund
InBeat CD Shop established a petty cash fund for $100.
Instructions
1. In your working papers, record the entry to establish the petty cash fund on page 6 of a general journal.
2. Record the entry for replenishing the petty cash fund on page 10 of the general journal. There was $5 cash in the petty cash fund box on February 28.
Analyze Conclude whether cash was short or over.
Questions & Answers
QUESTION:
Establishing and Replenishing a Petty Cash Fund
InBeat CD Shop established a petty cash fund for $100.
Instructions
1. In your working papers, record the entry to establish the petty cash fund on page 6 of a general journal.
2. Record the entry for replenishing the petty cash fund on page 10 of the general journal. There was $5 cash in the petty cash fund box on February 28.
Analyze Conclude whether cash was short or over.
ANSWER:Step 1 of 2
Petty Cash fund refers to cash that the business keeps in hand for a small and incidental cash payment of the company.