The Huron Company keeps a petty cash fund of $80. On June 30 the fund contained cash

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The Huron Company keeps a petty cash fund of $80. On June 30 the fund contained cash of $36.87 and the following petty cash receipts:

Office supplies $10.00 Postage 27.48 Miscellaneous 5.65 Required: (1) If the company’s fiscal year ends June 30, should the petty cash fund be replenished on June 30? Why?

(2) How much cash is needed to replenish the petty cash fund?

(3) Prepare entries in the company’s T-accounts to record the petty cash payments. TK-1

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Accounting Information For Business Decisions

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Authors: Billie Cunningham, Loren A. Nikolai, John Bazley

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Question Posted: Jul 01, 2024 12:00 PM

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The Huron Company keeps a petty cash fund of $80. On June 30 the fund contained cash

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Accounting Information For Business Decisions

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