Journalize the entries to record the following:
Apr. 1
Established a petty cash fund of $350.10
Cash sales for the day, according to the cash register records, totaled $3,120. The actual cash received from cash sales was $3,122.30
The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following petty cash receipts: office supplies, $98; postage, $106; miscellaneous, $12. Record any missing funds in the cash short and over account.30
Cash sales for the day, according to the cash register records, totaled $6,350. The actual amount of cash received for the day was $6,336.30
Decreased the petty cash fund by $100.​
Journal

During a period of steadily rising costs,the inventory valuation method that yields the highest reported net income is:

A) Specific identification method.
B) Average cost method.
C) Weighted-average method.
D) FIFO method.
E) LIFO method.

If the price of a good changes so that the income effect and the substitution effect reinforce one another,this means the good is:

A) inferior.
B) always on the budget line.
C) normal.
D) not likely to be bought.