Question: Question 1 : Cash 7 5 Petty cash 7 5 a ) Write a short narrative that explains the transaction that occurred to cause the

Question 1:
Cash 75
Petty cash 75
a) Write a short narrative that explains the transaction that occurred to cause the recording
of the transaction. Provide as much detail as is needed to fully explain what occurred.
b) Explain the effect of this transaction on the companys financial position. Specifically,
what is the transactions impact on equity?
c) Detail all assumptions used to come to your conclusions in a and b.

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