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Willard Company established a $340 petty cash fund on September 9, 2020. On September 30, the fund had $135.50 in cash along with receipts for these expenditures: transportation-in, $27.60; office supplies, $96.60; and repairs expense, $75.30. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $5.00 shortage in the fund. Problem a. Prepare the September 9 entry to establish the fund.
Problem b. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $190. (Round your answers to 2 decimal places.)
The fair value of the recourse liability is estimated at $20,000. What amount of cash would Popper receive as a result of this transaction
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Calculate the missing amounts for each firm.
a new employee suggest that "C" company sponsor a softball team as a form of advertising. The cost to sponsor the team is $2,412. How many more units must be sold to cover this cost
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Which of the statements are most correct? Mike carries on a landscaping business and is registered for GST on an other than cash/accruals basis.
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO
Alpha Company used the periodic inventory system for purchase & sales of merchandise. Prepare a Alpha Company General Journal entry
What accounting entries would be required to refund unearned revenue to a customer in the event the service is ultimately not performed
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