Peterson Company's petty cash fund was established on January 1 with $500. On January 31, a count of the fund revealed: $105 in cash remaining and vouchers for miscellaneous expenses totaling $400. If the company records both the disbursements and the replenishments to the fund, what is the overall effect on Peterson's financial statements?

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The Answer of Peterson Company's petty cash fund was established on January 1 with $500. On January 31, a count of the fund revealed: $105 in cash remaining and vouchers for miscellaneous expenses totaling $400. If the company records both the disbursements and the replenishments to the fund, what is the overall effect on Peterson's financial statements?

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