The Huron Company keeps a petty cash fund of ($ 80). On 30 June the fund contained

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The Huron Company keeps a petty cash fund of \(\$ 80\). On 30 June the fund contained cash of \(\$ 36.87\) and these petty cash receipts:

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Required:
a If the business' fiscal year ends 30 June should the petty cash fund be replenished on 30 June? Why?
b How much cash is needed to replenish the petty cash fund?
c Prepare entries in the business' accounts to record the petty cash payments.

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Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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