Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales: What is the value of ending inventory? A company uses the periodic inventory system and had the following activity during the current monthly period. Using the weighted-average inventory method, the company's ending inventory would be: If a check correctly written and paid by the bank for $322 is incorrectly recorded in the company's books for $272, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $50 from the book balince. Add $50 to the book balance Subtract $50 from the bank's balance. Subtroct $50 trom the bank's balance and add 550 to the book's balance. Add $50 to the bonk's balance Clayborn Company deposits all cash receipts on the day they are recelved and makes all cash payments by check. At the ciose of business on May 31 , its Cash account shows a debit balance of $18,525. Clayborn's May bank statement shows $17,000 on deposit in the bank. Determine the adjusted cash balance using the following information: The adjusted cash balance should be: Spencer Co. decides to establish a petty cash fund with a beginning balance of $200. The company decides that any purchase under $25 can be processed through petty cash instead of the voucher system. The journal entry to record establishing the account is: Muitiple Cholce Deba Cash $200 and credit Petty Cash $200 Debit Cash $200 and credit Cash Over and Short $200 Debit Petty Cash $200 and credit Cash $200 Debit Petty Cash \$200; credit Cash \$175; and credit Cash Over and Short $25 Debit Cash $200 and eredit Petty Cash Over and Short $200