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coral established a petty cash fund of 5000 for incidental expenses on june 1 2016. at the end of the month, the count of cash on hand indicated that 670.40 remained in the fund. a review of the petty cash vouchers disclosed that the following expenses have been paid during the month from the petty cash fund.
office supplies 341.60
required: a. what is the amount of shortage in the petty cash fund
b: prepare the necessary adjusting entry on june 30, the company’s reporting date, to remove the non-cash items from the petty cash fund.
Petty cash fundAmount of cash in handTotal petty cash vouchersOffice suppliesPostageRepresntationTransportationMiscTotal cash usedShortage in the petty cash fundAccountOffice supplies…
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