Petty Cash Fund: Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds. Requirement-1: To Prepare: The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

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Answer 1

Question

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

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The fiscal 2010 financial statements for Neptune, Inc report revenues of $14,892,615, net operating profit after tax of $987,625, net operating assets of $6,124,587. The fiscal 2009 balance sheet reports net operating assets of $5,995,633. What is Neptune s 2010 net operating profit margin?

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Answer 2

Question

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Answer 6

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

Answer 7

Chapter 8, Problem 6QS

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

Answer 8

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Answer 9

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Prob. 1QS Ch. 8 - Prob. 2QS Ch. 8 - Prob. 3QS Ch. 8 - Prob. 4QS Ch. 8 - Prob. 5QS Ch. 8 - Prob. 6QS Ch. 8 - Prob. 7QS Ch. 8 - Prob. 8QS Ch. 8 - Prob. 9QS Ch. 8 - Prob. 10QS

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Chapter 8 Solutions