Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Required Information [The following information applies to the questions displayed below] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The

image text in transcribed

Required Information [The following information applies to the questions displayed below] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. lestablished the fund by cashing a check from HHC for $265 made payable to me. b. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him. c. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid $59 cash to her d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $89 e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenis hed. I received and cashed a check from HHC for $227. placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $134 cash to her. g. Destiny Hook provided a phone bill showing she had paid $39 for telephone calls made to contact referees for the annual tournament. I paid her $39 cash. h. Gutty McTavish submitted a receipt for $44 for a haircut he received. I did not pay him On the last day of the month, I received and cashed a check from HHC for $173. placing the cash into the locked cash box. 2. If HHC has $1.450 cash, $500 of government Treasury bills purchased four months ago, and $840 of cash set aside for its workers compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents? Cash and Cash Equivalents

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions