chapter 8 key

Chapter 8 key - Chapter 8 Exercise 8-3(15 minutes 1 A cash register(with a locked record should be used at the sales standit should also be

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Chapter 8 Exercise 8-3 (15 minutes) 1. A cash register (with a locked record) should be used at the sales stand—it should also be anchored to the stand. If a cash register cannot be used, the total sales value of the sunscreen, shirts, and sunglasses given to the employee each day should be calculated. The employee should sign a receipt for the merchandise and the amount of cash that he or she has been given. At the end of each day, the employee should be required to return cash plus remaining sunscreen, shirts, and sunglasses equal to the amount taken to the stand—possibly consider one or two return trips if the amounts are large. 2. The employee should sign a receipt for the total amount of cash he or she is given each weekend. Each time the employee makes a purchase, he or she should obtain a signed sales receipt for the payment. The sales receipt should list the items purchased and the prices paid. When the employee returns to the store, the total value of the signed sales receipts plus any remaining cash should equal the amount of cash originally given to the employee. Also, the merchandise brought back by the employee should be the same as the items listed on the signed sales receipts.
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Exercise 8-4 (20 minutes) 1. Jan. 1 Petty Cash. ......................................................... 200 Cash. ............................................................. 200 To establish a petty cash fund. 2. Jan. 8 Postage Expense. .............................................. 74 Merchandise Inventory*. ................................... 29 Delivery Expense. .............................................. 16 Miscellaneous Expenses. ................................. 43 Cash. ............................................................. 162 To reimburse the petty cash fund. * Transportation-in costs are included in
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This note was uploaded on 07/11/2011 for the course ECON 101 taught by Professor D during the Fall '11 term at Troy Dothan.

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Chapter 8 key - Chapter 8 Exercise 8-3(15 minutes 1 A cash register(with a locked record should be used at the sales standit should also be

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