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Milton Gaming Supplies started a petty cash fund on June 15, with a balance of $300. By June 26,...

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Milton Gaming Supplies started a petty cash fund on June 15, with a balance of $300. By June 26, it had $25 in cash and $275 in petty cash tickets. This included $235 of courier receipts, which they report as delivery expenses, and $40 of RONA receipts, which will be recorded as maintenance expenses. They recognized that the petty cash account was too small, so on July 1, it was increased to have a $400 balance. Record the petty cash transactions. Explanations are not required.

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here are the journal entries to record the petty cash transactions for Milton Gaming Supplies View the full answer


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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

ISBN: 978-1337614689

9th edition

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

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Question Details
Chapter # 12- Valuation: Cash-Flow-Based Approaches
Section: INTEGRATIVE CASE
Problem: 2
Posted Date: September 01, 2023 23:24:07
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