Peterson Company's Petty Cash Fund Was Established on January 1,2016

question 33

Short Answer

Peterson Company's petty cash fund was established on January 1,2016 with $500.On January 31,2016 a count of the fund revealed: $105 in cash remaining and vouchers for miscellaneous payments totaling $400.What effect will the necessary entries to replenish the fund have on the company's financial statements?

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Definitions:

Policy Assessment Matrix

A tool utilized to evaluate and analyze the effectiveness or impact of a policy through a systematic framework.

Positive Outcomes

Favorable or beneficial results arising from a particular action, intervention, or policy, often measured against predefined goals or benchmarks.

Implementation

The process of putting a decision or plan into effect; execution.

Evidence-Based Policy

Evidence-based policy involves making decisions about policy development and implementation based on scientific evidence and data, aiming to produce the most effective outcomes.