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4 years ago

A $100 petty cash fund has cash of $17 and receipts of $86. The journal entry to replenish the account would include a :

Business

2 answers:

Hunter-Best [27]4 years ago

6 0

Answer:

credit to cash over and short for $3

Explanation:

petty cash fund = $100

cash available = $17

receipts = $86

in order to replenish the account

cash available + receipts - petty cash fund

= ( $86 + $17 ) - $100 = $3

The journal entry for this transaction will be : credit to cash over and short for $3

A petty cash fund is an account set aside by a firm or company for the day to day running of the company ( minor expenses) and there is usually a threshold amount expected to be in it hence in the Journal a credit to cash over and short for $3 will be entered.

Paladinen [302]4 years ago

4 0

Answer:

The correct option is C, credit to cash over and short for $3

Explanation:

The requirement targets the balancing entry in the cash account,with cash of $17 in the petty cash account coupled with receipts of $86, the total amount in the petty cash is $103 ($86+$17) and the established float is just $100, which implies that the petty cash has an excess fund of $3 that must be returned to the main cash account.

The excess is the difference between $103 cash in the petty cash account and the maximum float of $100($103-$100)

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Nadya [2.5K]

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2 years ago

With the emergence of smartphones, users no longer have to carry a separate music player, a video game, a laptop, or a magazine

ohaa [14]

Answer: (D) Industry convergence

Explanation:

The industry convergence is basically representing the fundamental growth in an organization and it basically helps in defining the various types of industries boundaries according to the business principle.

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According to the given question, the emergence of the smartphones industry with the different types of given application best illustrating the industry convergence concept.

Therefore, Option (D) is correct answer.

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3 years ago

Overton Enterprises is converting to an activity-based costing system. It wishes to depict the various activities in its manufac

guapka [62]

Answer:

The correct answer is the option B: Activity relationship charts (ARCs).

Explanation:

To begin with, <em>''activity-based costing system''</em> is the name that receives a costing method that focuses in the identification of activities and proper assignment of the them to the products and services according to the actual consumption by each. Moreover, the main purpose of this model is to assign more indirect costs into direct costs.

To continue, the<em> ''activity relationship chart'' </em>is a tabular that displays the closeness rating among all pairs of activities and therefore that this tool is the most suitable for the company to accomplish the task of converting into an activity-based costing system.

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4 years ago

Price elasticity of demand is defined as: a. the slope of the demand curve. b. the slope of the demand curve divided by the pric

Mandarinka [93]

Answer: Option D

Explanation: In simple words, price elasticity refers to the degree of change in demand of a commodity with respect to change in its price. It generally shows the fact that when the price of a commodity rises the demand for ti decreases due to various phenomenon coming into force such as income effect etc.

The price elasticity is calculated by dividing the change in quantity demanded with the change in price.

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4 years ago

Jones Company collected the following information to prepare its August bank reconciliation: Cash balance per books, August 31,

weqwewe [10]

Answer:

Adjusted cash balance as per books = $11,100

Explanation:

Given Cash balance as per books = $9,400

Add: Deposits in transit that is deducted by us but not added by bank thus added = $9,400 + $1,100 = $10,500

Add: Notes Receivables collected by bank but not added in books = $10,500 + $2,500 = $13,000

Less: Bank Service Charges as not deducted in books = $13,000 - $50 = $12,950

Less: Outstanding Checks as yet not cleared = $12,950 - $1,450 = $11,500

Less: NSF check as not received by bank = $11,500 - $400 = $11,100

Adjusted cash balance as per books = $11,100

7 0

3 years ago