On may 1, 1990, Auca management decided to establish a 4,000,000 petty cash. With 50,000 maximum cash out per transaction. At replenishment date with end week 1 , the physical check found supporting documents for the following expenses paid through petty cash: Travels 125,000 Repairs 325,400 Utilities 245,000 Miscellaneous 1,250,800 Supplies 1,720,000 Whereas the counted cash balance is 330,000 Required: carry out necessary journal entries relating to petty cash replenishment.
On may 1, 1990, Auca management decided to establish a 4,000,000 petty cash. With 50,000 maximum cash out per transaction. At replenishment date with end week 1 , the physical check found supporting documents for the following expenses paid through petty cash: Travels 125,000 Repairs 325,400 Utilities 245,000 Miscellaneous 1,250,800 Supplies 1,720,000 Whereas the counted cash balance is 330,000 Required: carry out necessary journal entries relating to petty cash replenishment.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....
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On may 1, 1990, Auca management decided to establish a 4,000,000 petty cash. With 50,000 maximum cash out per transaction. At replenishment date with end week 1 , the physical check found supporting documents for the following expenses paid through petty cash:
Travels | 125,000 |
Repairs | 325,400 |
Utilities | 245,000 |
Miscellaneous | 1,250,800 |
Supplies | 1,720,000 |
Whereas the counted cash balance is 330,000
Required: carry out necessary
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