Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April: a. On April 1, Fick established a petty cash fund in the amount of $11,000 b. A summary of petty Cash Expenditures made by the petty cash custodian as of April 10 is as follows: Delivery Charges on merchandised purchased, $2,500 Supplies purchased and used, $2450 Postage expense, $1,000 IOU from employees, $750 Miscellaneous expenses, $2,000 c. The fund was replenished and increased to $17,000 on this date. The balance in the fund was $800. Compute for the Cash shortage.
Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April: a. On April 1, Fick established a petty cash fund in the amount of $11,000 b. A summary of petty Cash Expenditures made by the petty cash custodian as of April 10 is as follows: Delivery Charges on merchandised purchased, $2,500 Supplies purchased and used, $2450 Postage expense, $1,000 IOU from employees, $750 Miscellaneous expenses, $2,000 c. The fund was replenished and increased to $17,000 on this date. The balance in the fund was $800. Compute for the Cash shortage.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April:
a. On April 1, Fick established a petty cash fund in the amount of $11,000
b. A summary of petty Cash Expenditures made by the petty cash custodian as of April 10 is as follows:
- Delivery Charges on merchandised purchased, $2,500
- Supplies purchased and used, $2450
- Postage expense, $1,000
- IOU from employees, $750
- Miscellaneous expenses, $2,000
c. The fund was replenished and increased to $17,000 on this date. The balance in the fund was $800.
Compute for the Cash shortage.
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