Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AB Ltd. established a petty cash fund for $770. It replenishes the fund at the end of each month when financials are prepared or sooner

AB Ltd. established a petty cash fund for $770. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $295 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry.

Required: How much is the cheque written to complete this transaction? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technical Audit A Thoroughfare Of System Perfection MBTA Management By Technical Audit

Authors: Shankar Bakhsh Srivastava

1st Edition

3848483343, 978-3848483341

More Books

Students also viewed these Accounting questions

Question

what are the relevant and irrelevent cost in the beauty salon?

Answered: 1 week ago