Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you oversee the $250 petty cash for your company.

You oversee the $250 petty cash for your company. When an employee needs a special item...

60.1K

Verified Solution

Question

Accounting

You oversee the $250 petty cash for your company. When anemployee needs a special item that is not in inventory, you takemoney from petty cash to purchase that item.

One day, you are short on cash for lunch. You decide to borrow$10 each day for the next 3 days until payday for a total of $30from petty cash. After payday, you do not have enough to repaypetty cash, so you decide to record a cash short/over expense of$30.

Since this is the first time you have ever done this, is this aproblem? If so, what steps should be taken to fix this problem? Ifnot, why not?

Answer & Explanation Solved by verified expert
3.6 Ratings (289 Votes)
ANSWER Indeed this is an issue regardless of if its the first run through or a 100th time You are not assume to charge your own costs    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Compute the total and annual returns on the described investment. Four years after buying 100...

Calculus
1.2K views

Now find the value of f x Ax f x Simplify your answer completely f...

Algebra
1.2K views

Decide whether each relation defines y as a function of x Give the domain and...

Algebra
1.2K views

y 1 1 100y3 200y2 100y 10y2y3 10y2e0 1 0 2 100y4 200y3 100y2 10y3y4...

Algebra
1.2K views

Suppose that the 'true' regression model isYi = ?? + ??ln(X?i) + uibut, instead, you...

Accounting
1.2K views

Gamma Manufacturing eamed operating Income last year as shown in the following income statement: Sales...

Accounting
1.2K views

Using your accounting knowledge, fill in the blanks in the following separate income statements a...

Accounting
1.2K views

Chapter 7 TRP 7-1 Assume the taxpayer does NOT wish to contribute to the...

Finance
1.2K views

Suppose that your weekly cash expenses are $100. Every time you withdraw money from the...

Accounting
1.2K views

8. The Net Book Value of a companys fixed assets was 200,000 at 1st August...

Finance
1.2K views

Many people complain about the very low interest rates banks pay on checking accounts. Some...

Accounting
1.2K views

Olynyk Corporation manufactures three products, Product 9, Product 13, and Product 41, Data for the...