You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.  One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.  If so, what steps should be taken to fix this problem? If not, why not

The Petty Cash Box has 3 vouchers in it (one for taxi fare in the amount of $25, one for courier charges of $18 and one for office treats bought at Tim Hortons for $35). The accountant forgets to make a replenishment entry prior to generating the financial statements for the period. The financial statement implications of this are that: Multiple Choice None of the other options is correct Income is correctly stated but assets are understated by $78 No Implications as the replenishment can occur anytime and is Independent of financial statement generation There is not enough Information provided to assess financial statement Impact Net Income is understated by $78

During the month a company paid $27 for office supplies and $13 for miscellaneous expenses from the petty cash fund. The entry to replenish the petty cash fund at the end of the month would include Multiple Choice   a debit to Petty Cash for $40.   a credit to Cash for $40.   a debit to Cash for $40.   a credit to Office Supplies for $27.

Below are several scenarios related to control activities of a company.1. A manufacturing company compares total sales in the current year to those in the previous year but does not compare the cost of production.2. So that employees can have easy access to office supplies, a company keeps supplies in unlocked cabinets in multiple locations.3. At the end of each day, a single employee collects all cash received from customers, records the total, and makes the deposit at the bank.4. At the end of the year only, the company compares its cash records to the bank’s records of cash deposited and withdrawn during the year.5. A company encourages employees to call an anonymous hotline if they believe other employees are circumventing internal control features.6. All employees have the authority to refund a customer’s money.Required:For each scenario, determine which control activity is violated. Control activities include separation of duties, physical controls, proper authorization, employee…

Plz explain  how the things come from.

On May 15, Baxtor, Inc. sold $26,000 of merchandise to James, on account. Baxtor could not collect cash from James and wrote off the account. What is the journal entry to record the write-off, assuming Baxtor uses the allowance method? Bad Debt Expense $26,000 Miscellaneous Bank Fees $26,000 Allowance for Bad Debts $26,000 Accounts Receivable - James Allowance for Bad Debts $26,000 Utility Expense $26,000 $26.000 Bad Debt Revenue $26,000 Allowance for Bad Faith Unpaid Accounts $26,000

You received an invoice dated April 20th in the amount of $14,200 with terms 5/15, 1/30, n/40, 2.8% penalty per month for late payments. The merchandise is received on May 9th. You sent in a partial payment of $7,100 on May 15th with the intention to pay the remaining balance before the credit period expired. However, you forgot about the invoice and realized your mistake on June 29th, when you submit payment in full for the invoice. What amount is the final payment?

If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario:  Company A sells $480,000 on credit card sales.  The credit card charges a 4.5% fee for the use of the card.  The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.

Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General Journal

The bookkeeper for Maxwell Company wrote a check for $300 to pay for furnace maintenance. The check was incorrectly recorded in the general journal as $30. The entry to correct this error would be:a. increase Repairs and Maintenance Expense by $270.b. increase Repairs and Maintenance Expense by $300.c. increase Cash by $270.d. decrease Cash by $300