A company established a petty cash fund in November of the current year and experienced the following transactions affecting the fund during November:Nov. 1Established a $200 petty cash fund.5Paid $55 to acquire office supplies.8Reimbursed the company controller for $30 spent on beverages for recruits (entertainment expense).18Paid $45 for postage.20Paid $25 for C.O.D. charges on merchandise inventory, terms FOB shipping point.25Paid $40 for janitorial services.28When sorting the petty cash receipts to replenish the fund, the custodian noted that there was $10 cash remaining.Prepare the journal entries to establish the fund on November 1 and to reimburse the fund on November 28.
What will be an ideal response?
| Nov. 01 | Petty Cash | 200 | ? |
| ? | Cash | ? | 200 |
| Nov. 28 | Office Supplies | 55 | ? |
| ? | Entertainment Expense | 30 | ? |
| ? | Postage Expense | 45 | ? |
| ? | Merchandise Inventory | 25 | ? |
| ? | Maintenance Expense | 40 | ? |
| ? | Cash Over and Short | ? | 5 |
| ? | Cash | ? | 190 |
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A) Brand socializers B) Sentiment analyst C) Target markets D) Brand communities E) Teasers
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What will be an ideal response?
Even though humans behave in organizations, such conduct occurs independently of the environment.
Answer the following statement true (T) or false (F)