Comprehensive Problem 3 Selected transactions completed by Gampfer Company during its first fiscal year ending December 31 were as follows:
Jan. 2. Issued a check to establish a petty cash fund of $3,200.
Mar. 14. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,200; miscellaneous selling expense, $410; miscellaneous administrative expense, $620.
Apr. 21. Purchased $22,400 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.
May 20. Paid the invoice of April 21 after the discount period had passed.
23. Received cash from daily cash sales for $15,120. The amount indicated by the cash register was $15,152.
June 15. Received a 60-day, 10% note for $127,500 on the Cady account.
AND SO ON
Current assets: 839,080
Total assets: 2,550,840
Current liabilities: 497,640
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