Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 02 you oversee the $250 petty cash for your compan

02 You oversee the $250 petty cash for your company. When an employee...

60.2K

Verified Solution

Question

Accounting

image

02 You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item. One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30. If so, what steps should be taken to fix this problem? If not, why not

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A- a small volume of cold water is used to cool off a cup of coffee...

Chemistry
Q

1)   Theories have an important place in psychology. We can understand better ourselves and others behaviors...

Psychology
Q

How has Pavlovian Conditioning altered your point of view about “Why we do what we do?”...

Psychology
Q

You are playing a game where you draw a card from a standard deck and...

Statistics
Q

Write the polynomial function in factored form with real and rational coefficients with the given...

Algebra
Q

I HAVE GOTTEN AN INCORRECT ANSWER TO THIS TWICE ALREADY (I HAVE PROVIDED...

Accounting
Q

IFRS-11. The financial statements of M&S are presented above. The company's complete annual report, including...

Accounting
Q

Required information Skip to question [The following information applies to the questions displayed...

Accounting
Q

Timberlake to create and test their strategic asset allocations for the fund. However, they don't...

Accounting
Q

Which of the following represents an application control for a customer sale? Multiple Choice The...

Accounting
Q

Strickland Co. currently charges manufacturing overhead costs to products using machine hours. However, company management...

Accounting
Q

2.2 REQUIRED Use the information given below to calculate the following: 2.2.1 Economic Order...

Accounting