Answered step by step
Verified Expert Solution
Question
1 Approved Answer
undefined Fresh Foods established a petty cash fund of $100 on January 2. On January 31, the fund contained cash of $9.20 and vouchers for
undefined
Fresh Foods established a petty cash fund of $100 on January 2. On January 31, the fund contained cash of $9.20 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $61.50 12.50 15.00 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund. Required Show each of the four events in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or a financing activity (FA). Enter any decreases to account balances with a minus sign. Round your final answers to 2 decimal places. Not all cells in the "Cash Flow" column may require an input - leave cells blank if there is no corresponding input needed.) FRESH FOODS Statements Model Assets Revenue Expense = Net Income Stockholders' Equity Retained Earnings Cash Flow No Cash + Petty Cash 1. (100.00) 100.00 2. 3. 4Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started