Table 8-2
the Petty Cash Fund Had the Following Petty

question 71

Essay

Table 8-2
The petty cash fund had the following petty cash ticket: $$\begin{array} { l r } \text { Paper for photocopier } & \$ 100 \\\text { Miscellaneous expense } & 20 \\\text { Freight on inventory purchased. } & 22 \\\text { Postage expense } & \underline{47} \\&\underline{\$ 189}\end{array}$$
-Refer to Table 8-2. Assume that the business has established a petty cash fund in the amount of $200 and that the amount of cash in the fund at the time of replenishment is $12. The business uses a periodic inventory system.
Prepare the entry to replenish the fund on March 31.

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Definitions:

NonConforming Goods

Products delivered under a contract that fail to meet the specifications or quality standards agreed upon by the buyer and seller.

Price Allowance

Price Allowance is a discount or reduction in price, usually granted by a seller to a buyer, to account for damage, defects, or promotions.

Tender

An offer of money or service in payment or performance of an obligation.

Good Faith

Acting with honesty and integrity without the intention of deceiving or defrauding others, often in contractual or negotiation contexts.