Illustrate the effect on the accounts and financial statements of the following transactions: a. Established a petty
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a. Established a petty cash fund of $800.
b. The amount of cash in the petty cash fund is now $120. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $430; miscellaneous selling expense, $175; miscellaneous administrative expense, $75
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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