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Prepare initial entry of variance upon discovery

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Company A's petty cash fund, which has an imprest balance of 5,000 showed a composition when counted as follows:

Bills 1,000

Coins 40

Vouchers - Transportation 1,200

Vouchers - Gasoline 889

Vouchers - Supplies 1,872

Problem 1: How much is petty cash fund? Prepare initial entry of variance upon discovery, if any.

Reference no: EM132796944

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