The Petty Cash Fund of $200 for Vernon Company Appeared

question 2

Essay

The petty cash fund of $200 for Vernon Company appeared as follows on December 31, 2010:
Instructions
1. Briefly describe when the petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain.
2. Prepare in general journal form the entry to replenish the fund.
3. On December 31, the office manager gives instructions to increase the petty cash fund by $100. Make the appropriate journal entry.

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Definitions:

Listening Process

The act of receiving, understanding, recalling, evaluating, and responding to verbal and non-verbal messages.

Interpreting

The process of explaining or providing the meaning of something, often involving the translation of languages or elucidation of data.

Remembering

The cognitive process of recalling information that has been learned or experienced.

Minutes

A written record of the main points discussed and decisions made during a meeting.