Problem 7-03A a-b (Part Level Submission) Concord Corporation maintains a petty...
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Accounting
Problem 7-03A a-b (Part Level Submission) Concord Corporation maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $225.00 15 Replenished the petty cash fund by writing a check for $221.60. On this date, the fund consisted of $3 in cash and these petty cash recelpts: freight-out $73.00, entertainment expense 36.50, postage expense $32.90, and miscellaneous expense $77.80 16 Increased the amount of the petty cash fund to $420.00 by writing a check for $195.00. 31 Replenished the petty cash fund by writing a check for $300.00. On this date, the fund consisted of $120 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $95.00, and freight-out $61.00
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