ACC EXAM 2 2023 LATEST EXAM GRADED A+

There are several reasons why the petty cash fund would experience a shortage or an overage. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. The petty cashier underpaid for the amount due. The petty cashier obtained a receipt for the payment. The company cashier reduced the petty cash account. The petty cashier failed to get a receipt for payment. - ANSWER The petty cashier failed to get a receipt for payment. EFTcollection and credit AJE - ANSWER cash acc rec (note receivable), sales rev (service rev) INTEREST AJE - ANSWER cash interest revenue bank service charges AJE - ANSWER miscellaneous expense cash Non-Sufficient Funds (NSF) AJE - ANSWER acc rec cash One identical unit is purchased on each of the following three dates and at the respective costs: June 1 at $10 June 2 at $15 July 4 at $20 The company sells two units during the period. Conclude which inventory items are sold first and which unit remains in ending inventory if the company is using the FIFO cost flow assumption. The June 1 at $10 is sold; the June 2 at $15 and the July 4 at $20 remain in ending inventory. The June 1 at $10 and the June 2 at $15 are both sold; the July 4 unit remains in ending inventory