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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The petty cash fund account under the imprest fund system is debited
A. only when the fund is created
B. when the fund is created and every time it is replenished
C. when the fund is created and when the size of the fund is increased
D. when the fund is created and when the fund is decreased.
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- Sloane is the general manager for a business. One of Sloane's tasks is to assign extra projects to her employees. These extra projects are supposed to be assigned following a particular order. The extra projects result in additional pay, so the employees are concerned that the extra projects are assigned following the proper procedure. Errors do happen though. Sloane makes an error once every 63 tasks that she assigns. If Sloane were to assign 10 tasks, what is the probability that she would make 3 or more mistakes? (Round your answer to six decimal places.) When Sloane was supposed to assign 10 tasks to Warren, she DID make 3 mistakes. Was Warren treated fairly? yes no What conclusions could you make about the three mistakes? Make sure to explain your conclusion thoroughly. Edit Insert ▾ Formats ▾ B I U ×₁₂ x² A▾ A▾ Question Help: Message instructorarrow_forwardCheck No. 12-375 is issued to establish a petty cash fund of $600. The amount of cash in the petty cash fund is now $216. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $223; miscellaneous selling expense, $92; miscellaneous administrative expense, $58. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) Question Content Area a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank. blank Account Debit Credit blankarrow_forwardA professional services firm has been analysing the cost of collecting management information by using its employees' hourly charge-out rates to estimate the costs of different activities. The firm has calculated that the following costs have been incurred during the last month: Staff completing timesheets Managers analysing costs incurred on assignments compared to fees agreed with clients Credit control team updating the receivables ledgers to write off bad debts 5,000 3,000 500 Using the information provided, what are the firm's direct data capture costs for the last month? - $500 $5,000 $8,000 $8,500arrow_forward
- General Fund expenditures for uncollectible accounts receivable should be reported in the period that the receivable is .a .Established .b No expenditure is recorded .C .Written off as uncollectible .d .Legally due and payablearrow_forward19 When the petty cash fund is replenished: Multiple Choice Cash is debited. Petty Cash is credited. Petty Cash is debited. Appropriate expense and/or asset accounts are debited.arrow_forwardA $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.arrow_forward
- H6. 31 P XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Choc entry to create the account from the following. O Petty Cash is debited for $100. O Cash is debited for $100. O Petty Cash is credited for $100. O Miscellaneous Expense is debited for $100.arrow_forwardIndicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?arrow_forwardReview the following statements regarding a petty cash fund used in a business. Select the one that is correct. O A petty cash fund is controlled by top management. O The cashier of a fund will write checks for small payments like postage, supplies and deliveries, O Only the petty cashier is responsible for paying cash from the fund. OA check written against the fund is cashed when the fund is replenished.arrow_forward
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