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miv72 [106K]
3 years ago
10

Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $193 in cash along with recei

pts for the following expenditures: transportation-in, $46; postage expenses, $78; and miscellaneous expenses, $111. The petty cashier could not account for a $12 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $490
Business
1 answer:
exis [7]3 years ago
5 0

Answer:

petty cash fund    440 debit

         cash                           440 credit

--stablishment of the fund--

freight-in                           46 debit

postage expenses           78 debit

miscellaneous expenses 111 debit

cash shortage loss            12 debit

                   Cash                               247 credit

--reimbursement of the fund--

petty cash fund      50 debit

                    Cash                     50 credit

--incerase of the fund to 490--

Explanation:

The petty fund will be stablish using cash, so we decrease cash and create the petty fund.

Then, the expenditures will be against cash, so we don't have to use the petty fund account.

Lastly, to increase the fund we take from the cash account the 50 dollars increase.

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Answer:

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The interest expense for the period from August to December, 5 months, will be recorded on 31 December 2021 as interest expense and credit to interest payable.

The interest expense is = 16000 * 0.1 * 5/12  =  $666.67 rounded off to $667

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Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales
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b. $3,000

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3 years ago
The Allowance for Bad Debts account has a debit balance of $ 9 comma 000$9,000 before the adjusting entry for bad debts expense.
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Answer:

the amount of the adjustment in the Allowance for

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3 years ago
Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when ther
anastassius [24]

Answer:

t value is 1.495

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