EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory.
Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund, and (3) June 1 entry to increase the fund to $1,200.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
My Work Ramon works for a large company that is considering starting a new business unit to sell personalized coffee mugs. He has been tasked with the preliminary research for the industry analysis. His analysis should begin with:
Answers (1)
Booth's fixed assets were used to only 50% of capacity during 2019, but its current assets were at their proper levels in relation to sales.
Answers (1)
Most businesses adopt a bureaucratic organization in order to speed up their decision making process.
Answers (1)
A new website and App has been created called Buycott. A consumer can choose from boycotting companies with income inequality to end animal testing and more. This action is a way for consumers to demand more from businesses.
Answers (1)
The globalization of business and changing demographic trends will present organizations with a tremendously culturally diverse workforce which represents the risk that: A.
Answers (1)
New Questions in Business
A market:A. reflects upsloping demand and downsloping supply curves. B. entails the exchange of goods, but not services. C. is an institution that brings together buyers and sellers. D. always requires face-to-face contact between buyer and seller.
Answers (1)
Mel's Diner is a popular café that specializes in home-cooked meals, friendly service, and a menu that contains vegan and vegetarian dishes (menu items that no other restaurant in the area offers).
Answers (1)
Human resources that perform the functions of organizing, managing, and assembling the other factors of production are O entrepreneurs. O physical capital. O venture capital. O productive capital.
Answers (1)
Automated transactions for B2B e-commerce where the suppliers are able to automatically send data about shipments to purchasing firm and the purchasing firm able to provide production and inventory requirements and payment data to suppliers
Answers (1)
Which departments should be involved in creating content? a. All departments b. Just marketing c. Just marketing and sales d. All customer-facing departments Next
Answers (1)