Towle Company established a petty cash fund for $500 on January 1,2016. At the end...
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Accounting
Towle Company established a petty cash fund for $ on January At the end of the month, the petty cash fund contained cash of $ and vouchers for the following cash payments: freight on goods shipped to customers, $; postage, $; miscellaneous expense, $; entertainment expense, $
Three distinct events affected the petty cash fund during January:
establishment of the fund;
making payments for various items from the fund; and
recognizing expenses and replenishing the fund at the end of the month Required:
a Record each of the events in the horizontal statements model below. Indicate with the dollar amount of the increase or decrease, or NA if the element is not affected.
b Prepare journal entries for these events.
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