Answer and Explanation:
The journal entries are shown below:
On Apr 2
Petty cash $290
To Cash $290
(Being the establishment of the petty cash fund is recorded)
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
On Apr 10
Mail & Postage $62
Contributions and Donations $33
Meals & entertainment $114
Cash Short and Over $4 ($290 - $62 - $33 - $114 - $77)
To Cash $213
(Being the replenishment of the fund is recorded)
For recording this, we debited the mail & postage, contributions & donations, meals & entertainment as it increased the expenses and credited the cash as it reduced the assets and the balancing figure is debited to cash short and over
On Apr 11
Petty Cash $140 ($430 - $290)
To Cash $75
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
1 is d
2 is h
3 is e
4 is g
5 is i
6 is f
7 is j
8 is b
9 is a
10 is c
Answer:
1. Commercial banks - take deposits and make loans
Commercial banks create loans from the money deposited with them. They then earn interest on these loans and give the depositors some of the interest revenue depending on the type of account opened.
2. Mutual funds - purchase a portfolio of assets for a group of investors
Mutual funds pool money from multiple investors and then purchase a portfolio of assets. Profits made are divided amongst its investors.
3. Pension funds - manage a pool of money that is designated to be paid out to beneficiaries when they are in retirement.
Pension funds are meant to provide money to beneficiaries in retirement so they manage a pool of money that beneficiaries had invested into before they retired.
4. Investment banks - help businesses, governments, and institutions to raise funds to finance their activities by issuing securities.
Investment firms are mostly underwriters who help businesses, governments and other institutions raise funds to finance their activities.
Answer:
bartar system
Explanation:
Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways; one of them is that the reciprocal exchange is immediate and not delayed in time.