All categories

3 years ago

A company set-up a petty cash fund with $800. The disbursements are as follows:

Business

1 answer:

Radda [10]3 years ago

7 0

Answer:

Petty Cash

Explanation:

The fundamental principle of accounting is credit the giver and debit the receiver. In this instance petty cash is giving out money to Office Supplies, Shipping, Postage and Delivery expense

You might be interested in

The two viking spacecraft did not find convincing evidence of life on mars, nor did the phoenix lander. do these results imply t

belka [17]

They don't. Water was found and there are actually implications that if it doesn't exist nowadays, it might have historically existed long before there was even life on earth. There are theories that there was life on Mars millions of years ago way before earth had life.

5 0

3 years ago

Which of the following acronyms identifies the Big Five personality dimensions

Burka [1]

The answer will be CANOE. Hope this helps:)

3 0

3 years ago

On september 12, vander company sold merchandise in the amount of $7,600 to jepson company, with credit terms of 2/10, n/30. the

densk [106]

If Vander Company uses the periodic inventory system and the gross method of accounting for sales, the <u>journal entry</u> on September 12 is as follows:

<h3>Journal Entry:</h3>

September 12:

Debit Accounts Receivable $7,600

Credit Sales Revenue $7,600

To record the sale of goods with credit terms of 2/10, n/30.

<h3>What is a periodic inventory system?</h3>

A periodic inventory system does not record the cost of goods sold or maintain an inventory account for inventory transactions until the end of the period.

Under the periodic inventory system, the cost of goods sold is determined in the income statement as the beginning inventory + purchases - ending inventory.

Thus, there are no accounts for the cost of goods sold and inventory because inventory purchased is recorded in the purchases account instead of the inventory account.

<h3>Transaction Analysis:</h3>

Accounts Receivable $7,600 Sales Revenue $7,600

Terms 2/10, n/30.

Thus, if Vander Company uses the periodic inventory system and the gross method of accounting for sales, the <u>journal entry</u> is a <u>debit</u> to the Accounts Receivable account and a <u>credit</u> to the Sales Revenue account for the credit sales only.

Learn more about recording sales transactions at brainly.com/question/25347238

8 0

2 years ago

Mr. Wiley owns a couple of houses. He lives in the better one. The other house he rents to the Jones family for $20,000 per year

BARSIC [14]

Answer:

20,000

Explanation:

Only rented house is counted as per gdp

4 0

3 years ago

What’s the first step organizations and brands need to take when establishing a social media policy? Educate employees on the im

Veronika [31]

Answer:

Educate employees on the importance of having a social media policy for all team members within the organization

Explanation:

What’s the first step organizations and brands need to take when establishing a social media policy?

The first step is to Educate employees on the importance of having a social media policy for all team members within the organization

6 0

4 years ago

Read 2 more answers