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Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select No effect from
Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that decrease net income as negative amounts. a. Established a petty cash fund of $750. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $225; miscellaneous selling expense, $131; miscellaneous administrative expense, $206. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement
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