Competency Practice

Establish and Maintain a Petty Cash Fund. Using Procedure $30-1$ as a guide, use Work Product $30-1$ and

the following amounts to establish and maintain a petty cash fund, which was opened on $9/19($current year$)$

with an opening balance of $$25\mathrm{.}00.$ When the petty cash fund decreases below $$5\mathrm{.}00,$ a new check should be

written to bring the fund back up to the $$25\mathrm{.}00$ level.

a$.$ Bill: postage $$5\mathrm{.}00,\frac{9}{20}$

b$.$ Voucher $1$: charity donation $$10\mathrm{.}00,\frac{9}{23}$

c$.$ Bill: envelopes and pens $$8\mathrm{.}00,\frac{9}{24}$

d$.$ Voucher $2$: mileage $$5\mathrm{.}00,\frac{9}{27}$

e$.$ Bill: postage $$8\mathrm{.}50,\frac{9}{30}$

Work Product $30-1$