Question: Malone Gifts makes the following two entries to establish and

Malone Gifts makes the following two entries to establish and replenish its petty cash fund.
Required
Determine the effect on the accounting equation for each entry. Determine how much cash was in the petty cash fund when established, immediately before replenishment, and immediately after replenishment. Were receipts equal to the cash needed for replenishment?

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  • CreatedJuly 16, 2015
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