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Cullumber Company has recorded the following items in its financial records:

The highly liquid investments had maturities of three months or less when they were purchased. The stock investments will be sold in

the next six to $12$ months. The plant expansion project will begin in three years.

$($a$)$

What amount should Cullumber report as "Cash and cash equivalents" on its balance sheet?

Cash and cash equivalents $Sandhill Company established a petty cash fund on May $1,$ cashing a cheque for $$150\mathrm{.}00.$ The company replenished the fund on June $1$

and July $1$ with the following results.

June $1$: $,$ Cash in fund, $$4\mathrm{.}75$

Receipts:

Delivery expense $,$$$32\mathrm{.}40$

Postage expense $,36\mathrm{.}55$

Travel expense $,60\mathrm{.}90$

July $1$: $,$ Cash in fund, $$3\mathrm{.}25$

Receipts:

Delivery expense $,$$$30\mathrm{.}10$

Entertainment expense $,74\mathrm{.}35$

Supplies $,42\mathrm{.}30$

Prepare journal entries for Sandhill Company for May $1,$ June $1,$ and July $1.($Credit account titles are automatically indented when the

amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record

journal entries in the order presented in the problem. Round answers to $2$ decimal places, e$.$g$.52\mathrm{.}75.$ List all debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit

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