The Petty Cash Fund of Western Glass Company Contained the Following

question 126

Essay

The petty cash fund of Western Glass Company contained the following items on November 30, 2018:

The petty cash fund was established on November 1, 2018, with a transfer of $250 from cash to the petty cash account.
Required:
Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.

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Definitions:

Profit Margin

A financial metric used to evaluate the profitability of a business, calculated as net income divided by revenue.

Mass Service

A type of service delivery designed to manage and serve large numbers of customers efficiently, often seen in sectors like banking and fast food.

Front Office Orientation

The focus on the part of a business that engages directly with customers, including marketing, sales, and service departments.

Process Costing

A costing method used in manufacturing, where costs are assigned to batches of products rather than individual units, making it efficient for homogeneous products.