Question

Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No affect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $750. Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is now $140. Replenished the fund, based on the following summary of petty cash receipts: office supplies, 325; < miscellaneous selling expense, $200; miscellaneous administrative expense, $85. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities Stockholders' Equity Statement of Cash Flows Income Statement Previous Next > Check My Work 3 more Check My Work uses coming

Answer 1

a)Balance Sheet : Asset: Petty Cash Fund: 750 , Statement of Cash flow = -750

b)Balance Sheet : Asset Petty Cash Fund -325 , Income Statement , Office Supplies : -325

b)Balance Sheet : Asset Petty Cash Fund -200 , Income Statement , Misc. Selling Expenses : -200

b)Balance Sheet : Asset Petty Cash Fund -85, Income Statement , Misc. Administration Expenses : -85