FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
9th Edition
ISBN: 9781119598312
Author: Kimmel
Publisher: WILEY C
Question
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Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

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Eagle Company had a $26,000 beginning inventory and a $29, 000 ending inventory. Net sales were $153, 000; purchases, $78,000; purchase returns and allowances, $3,000; and freight in, $7,000. Cost of goods sold for the period is $79,000. What is Eagle's gross profit percentage? (Rounded to the nearest percentage.)
Please solve this question general accounting
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Chapter 7 Solutions

FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+

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