AB Ltd. established a petty cash fund for $1,580. It replenishes the fund at the end of
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Question:
AB Ltd. established a petty cash fund for $1,580. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $700 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry.
Required:
How much is the cheque written to complete this transaction?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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