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A firm has a daily average collection of checks equal to $250,000. It takes the firm approximately 5 days to convert the funds into cash. Assume a lock-box system could be employed which would reduce the cash conversion procedure to 1 and 1/2 days and the firm could invest an additional cash...
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A$100 petty cash fund contains $92 in petty cash receipts, and $6.50 in currency and coins. The journal entry to record the replishnment of the fund would include a: A) credit to petty cah for $93.50 B) credit to cash for $92 C) debit to cashShort and over for $1.50 View more questions Search
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