On November 1,a Company Established a $90 Petty Cash Fund

question 154

Essay

On November 1,a company established a $90 petty cash fund.On November 12,the petty cash fund contains $3 in cash and the following paid petty cash receipts: transportation-in on merchandise inventory $14.25; postage,$34.50; and office supplies,$36.The company uses a perpetual inventory system.Prepare the entry to reimburse the fund and to increase its amount to $150 on November 12.

Understand how to calculate and analyze the contribution margin.

Distinguish between direct and indirect costs in various contexts.

Recognize the impact of production level changes on costs and cost behavior.

Prepare and differentiate between traditional and contribution format income statements.

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Definitions:

Dissociative Disorders

Controversial, rare disorders in which conscious awareness becomes separated (dissociated) from previous memories, thoughts, and feelings.

Child Abuse

Physical, sexual, or emotional maltreatment or neglect of a child, especially by a parent or other caregiver.

Posttraumatic Stress Disorder

A psychological disorder caused by exposure to or being a witness to a traumatic incident, marked by persistent flashbacks, distressing dreams, and intense anxiety.

Dissociative Disorder

A mental health condition characterized by a disconnection between thoughts, identity, consciousness, and memory.