Petty Cash FundOn January 2 Cleaver Video Stores decided to set up a petty cash fund.

Sep 28th, 2015
HelloWorld
Category:
Accounting
Price: $5 USD

Question description

Petty Cash Fund

On January 2 Cleaver Video Stores decided to set up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January, the following receipts were given to Haskell in exchange for cash from the fund:

A count of the cash in the drawer on January 31 revealed a balance of $74.30. The treasurer wrote and cashed a check on the same day to restore the fund to its original balance of $300.


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