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sveta [45]
3 years ago
14

Crown Company established a petty cash fund of $600 for incidental expenditures on January 2, 2019. At the end of the month, the

count of cash on hand indicated that $56.35 remained in the fund. A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished.Postage Expense $250.40
Office Supplies Expense 160.90
Miscellaneous Expense 124.05Required:
Prepare the journal entries necessary to record Crown’s petty cash transactions during January.

CHART OF ACCOUNTS
Crown Company
General Ledger
ASSETS
111 Cash
114 Petty Cash
121 Accounts Receivable
141 Inventory
152 Prepaid Insurance
181 Equipment
198 Accumulated Depreciation
LIABILITIES
211 Accounts Payable
231 Salaries Payable
250 Unearned Revenue
261 Income Taxes Payable
EQUITY
311 Common Stock
331 Retained Earnings
REVENUE
411 Sales Revenue
EXPENSES
500 Cost of Goods Sold
511 Insurance Expense
512 Utilities Expense
521 Salaries Expense
532 Bad Debt Expense
535 Office Supplies Expense
536 Postage Expense
540 Interest Expense
541 Depreciation Expense
559 Miscellaneous Expenses
600 Cash Short and Over
Business
1 answer:
FrozenT [24]3 years ago
8 0

Answer:

1) Dr Petty Cash $600

Cr. Cash $600

2) Dr. Postage Expense $250.40

Dr. Office Supplies Expense $160.90

Dr. Miscellaneous expense $124.05

Dr. Cash over and short $8.3

Cr. Cash $543.65

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Regression analysis

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Regression Analysis involves looking at past behavior to predict future behavior. By looking for predictors within past data, it can be determined  how well those factors can predict a future outcome.

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What is the value today of $4,400 per year, at a discount rate of 8.3 percent, if the first payment is received 6 years from tod
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Answer:

Present Value = $290.20

Explanation:

The present value of a future payment can be calculated with the following formula:

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4 0
3 years ago
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $
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Explanation:

The Journal Entry is given below:-

a. Cash Dr,                   8400  

           Accounts receivable        8400

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b. Supplies Dr,                2500  

           Office equipment         2500

(Being the reserve entry is recorded)

Supplies Dr,                             2500  

            Accounts payable           2500

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