Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work To Prepare: The journal entry to establish petty cash fund.

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Answer 1

Question

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

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Blues Music Center had the following petty cash transactions in March of the current year. Blues uses the perpetual system to account for merchandise inventory. Mar. 5 Wrote a $250 check to establish a petty cash fund. 6 Paid $12.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 11 Paid $10.75 in delivery expense on merchandise sold to a customer, terms FOB destination. 12 Purchased office file folders for $14.13 that are immediately used. 14 Reimbursed Bob Geldof, the manager, $11.65 for office supplies purchased and used. 18 Purchased office printer paper for $20.54 that is immediately used. 27 Paid $45.10 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 28 Paid postage expense of $18. 30 Reimbursed Geldof $56.80 for mileage expense. 31 Cash of $61.53 remained in the fund. Sorted the…

Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…

Nakashima Gallery had the following petty cash transactions in February of the current year. 2 Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.95 that is immediately used. 9 Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $7.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $72 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $10.60 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $23.36 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged…

Answer 2

Question

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Expert Solution & Answer

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See solution

Answer 5

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 6

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 7

Chapter 6, Problem 3PSB

1.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 8

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 9

2.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 10

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 11

3.

Summary Introduction

Introduction: Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work

To Prepare: The journal entry to establish petty cash fund.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. So petty cash are helpful for small transactions which can be made with less hectic work To Prepare: The journal entry to establish petty cash fund.

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