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Week6_ch6_solutions [Uploaded] - FB2100 Accounting I...

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FB2100 Accounting I Semester A 2010 Solutions to Assigned Questions Week 6 Chapter 6 Exercise 6-5 (20 minutes) 1. Sept. 9 Petty Cash ............................................................ 350 Cash ................................................................ 350 To establish a $350 petty cash fund. 2. Sept. 30 Merchandise Inventory* ...................................... 40 Postage Expenses ............................................... 123 Miscellaneous Expenses .................................... 80 Cash Short and Over ........................................... 3 Cash ................................................................ 246 To reimburse the petty cash fund. * Transportation-in costs are included in Merchandise Inventory under a perpetual system. 3. Oct. 1 Petty Cash ............................................................ 50 Cash ................................................................ 50 To increase the petty cash fund to $400.
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