XYZ Company maintains a petty cash fund for small expenditures The following transactions occurred over a 2 month period XYZ Company maintains a petty cash fund for small expenditures The following transactions occurred over a 2 month period July 1 Established petty cash fund by writing a check for $200 15 Replenished the petty cash fund by writing a check On this date the fund consisted of $4 in cash and the following petty cash receipts freight out $92, postage expense $42 40, entertainment expense $46 60, and miscellaneous expense $11 20 31 Replenished the petty cash fund by writing a check At this date, the fund consisted of $8 in cash and the following petty cash receipts freight out $82 10, charitable contributions expense $45, postage expense $25 50, and miscellaneous expense $39 40 Aug 15 Replenished the petty cash fund by writing a check On this date, the fund consisted of $13 in cash and the following petty cash receipts freight out $77 60, entertainment expense $43, postage expense $33, and miscellaneous expense $37 16 Increased the amount of the petty cash fund to $300 by writing a check 31 Replenished the petty cash fund by writing a check On this date, the fund consisted of $16 in cash and the following petty cash receipts postage expense $141 3, travel expense $95 60, and freight out $47 10 What is the amount that petty cashier will receive on August 15th a $187 b None of the given options c $190 6 d $13 Which of the internal control principles is applied in using Petty Cash Fund a All the given options b Establish responsibility c Separate recordkeeping from custody of asset d Documentation procedures Which of the following events that cause a Petty Cash account to be credited in a journal entry a When Petty Cash is increased b When petty Cash has shortage c When Petty Cash has overage d When Petty Cash decreased

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Posted on Sep 11, 2024

XYZ Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.

July 1	Established petty cash fund by writing a check for $200.
15	Replenished the petty cash fund by writing a check. On this date the fund consisted of $4 in cash and the following petty cash receipts: freight-out $92, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20.
31	Replenished the petty cash fund by writing a check. At this date, the fund consisted of $8 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $45, postage expense $25.50, and miscellaneous expense $39.40.
Aug. 15	Replenished the petty cash fund by writing a check. On this date, the fund consisted of $13 in cash and the following petty cash receipts: freight-out $77.60, entertainment expense $43, postage expense $33, and miscellaneous expense $37.
16	Increased the amount of the petty cash fund to $300 by writing a check.
31	Replenished the petty cash fund by writing a check. On this date, the fund consisted of $16 in cash and the following petty cash receipts: postage expense $141.3, travel expense $95.60, and freight-out $47.10.