A Petty Cash Fund Was Established with a $299 Balance

question 71

Essay

A petty cash fund was established with a $299 balance. It currently has cash of $76 and petty cash tickets totaling $222 for travel expense. Provide the journal entry to record the replenishment of the fund.

Distinguish between contra-asset and contra-revenue accounts and their effects on the financial statements.

Analyze the impact of specific transactions on the net realizable value of accounts receivable.

Understand the accounting treatment for write-offs of uncollectible accounts under the allowance method.

Calculate and interpret the receivables turnover ratio and its implications on a company's credit and collection policies.

---

Definitions:

GLOBE Studies

Global Leadership and Organizational Behavior Effectiveness research, a large-scale study investigating how cultures influence leadership effectiveness and organizational practices.

Distinct Clusters

Groupings or categories that are clearly differentiated based on specific criteria, often used in data analysis, market segmentation, or social groupings.

Cross-Cultural Competencies

Skills and understanding necessary to interact effectively with people from different cultural backgrounds.

Communicating

The process of exchanging information, ideas, feelings, and messages with others through speech, writing, signals, or behaviors.