A company establishes a petty cash fund for $400. By the end of the month, employees had made the following expenditures from the fund: supplies, $150; fuel for deliveries, $120; postage, $75; miscellaneous, $35. Record the entry to recognize expenditures from the petty cash fund.
What will be an ideal response?
| Supplies | 150 | ? |
| Delivery Expense | 120 | ? |
| Postage Expense | 75 | ? |
| Miscellaneous Expense | 35 | ? |
| Cash | ? | 380 |
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When using the periodic inventory system and weighted-average inventory costing method, when is the weighted average cost per unit computed?
What will be an ideal response?
If the amount of materials on hand at the end of the period is less than the control account balance, the control account balance should be decreased by the following entry:
a. Debit - Work in Process Credit - Materials b. Debit - Materials Credit - Factory Overhead c. Debit - Materials Credit - Work in Process d. Debit - Factory Overhead Credit - Materials
Public accountants are normally
A) Certified Public Accountants B) Forensic accountants C) Certified Internal Auditors D) Certified Management Accountants
When a customer takes part in the production of a service, other customers can affect the outcome of the service.
Answer the following statement true (T) or false (F)