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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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______ refers to a set of unspoken guidelines that employees share in various work situations. Organizational theory Organizatio
mr_godi [17]

Organizational culture refers to a set of unspoken guidelines that employees share in various work situations.

<h3><u>Explanation:</u></h3>

The set of expectations that an organisation has towards its employees, the experiences, values to act as a guide to the behaviour of the employees and the experience are encapsulated in the organisation culture. It is the set of guidelines that helps the employees to conduct themselves within and outside the organisation.  

It can be considered as a set of values, beliefs and assumptions that shapes the behaviour of the employees of an organisation. It is the one through which the image of an organisation is projected. It helps the employees to work the way the organisation expects from them.  

3 0
3 years ago
John was driving his car in a careless way, failing to drive as a reasonably prudent person would under the driving conditions.
Ilia_Sergeevich [38]

Answer:

1. <em>If this law of contributory negligence applies to the state, then Ramona will receive no compensation for the damages she sustained. </em>

<em> </em>2<em>. If this law of comparative negligence applies to this state, then Ramona will get 100% - 20% = 80% of the damages incurred in the accident, from John which will be $80,000</em>

<em />

Explanation:

In contributory negligence, the defense completely bars plaintiffs from any recovery if they contribute to their own injury through their own negligence.

<em>If this law of contributory negligence applies to the state, then Ramona will receive no compensation for the damages she sustained. </em>

<em> </em>

In comparative negligence, the plaintiff's damages is award by the percentage of fault that the fact-finder assigns to the plaintiff for his or her own injury i.e the plaintiff's damage compensation is reduced by percentage of his/her percentage of fault.

<em>If this law of comparative negligence applies to this state, then Ramona will get 100% - 20% = 80% of the damages incurred in the accident, from John</em>

this is 80% of $100,00 which is equal to <em>$80,000</em>

8 0
3 years ago
When a company strives to achieve lower overall costs than rivals and appeals to a broad spectrum of customers, it pursues Multi
dybincka [34]

Answer:

an overall low-cost provider strategy.

Explanation:

Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.

This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.

A overall low-cost provider strategy is a strategic business model that's typically focused on a broad customer base (segment) while still making profit by providing low-cost goods and services to the customers, as well as underpricing rivals in the same industry.

This ultimately implies that, it is a business strategy that involves lowering the price of goods and services in order to stimulate demand, generate more revenue, draw more customers and gain a competitive advantage over competitors or rivals in the same industry.

Hence, when a company strives to achieve lower overall costs than its rivals in the same industry and appeals to a broad spectrum of customers, it is considered to pursue an overall low-cost provider strategy.

6 0
3 years ago
Colby Corporation has provided the following information Operating revenues from customers were $199,700. ·Operating expenses fo
topjm [15]

Answer:

d. $46,800

Explanation:

Operating revenues   $199,700

Less:

Operating expenses  <u> $111,000</u>

Operating Profit           $88,700

Less:

Interest expense         $9,200

Income tax expense   <u>$36,000</u>

Net Income                 $43,500

Add:                

Gain from sale           <u> $3,300  </u>

Total Net Income        <u>$46,800</u>

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3 years ago
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or
Vlada [557]

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>

The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.

Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.

In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.

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To know more about Time period principle refer here:

brainly.com/question/13035515

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