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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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kow [346]

Answer:

Matching Situation with appropriate term:

1. _c. Collision __ Allen was driving home when a deer jumped out. The deer damaged his truck.

2. _n. Property Damage Liability _ A lightning strike at Troy’s home damages his TV and DVD player.

3. _h. Insurance Company/Insurer _ ABC Insurance Inc. advises Katie that she cannot take out a policy on Brad Pitt.

4. _p. Risk management _ Adam’s job is deciding if the insurer will accept a risk and what the cost will be.

5. __o. Renter’s __ Amy decides not to purchase a new car because insurance is so expensive.

6. __m. Premium _ Bill is paid for a collision claim based on the book value of his vehicle.

7. __i. Insurance fraud _ Cheetum’s Body Shop padded the repair bill for Chris’s pick up.

8. _b. Bodily Injury Liability _ Janet hit a car and someone was hurt. This covers the medical expenses.

9. _r. Uninsured and Underinsured Motorist _ Keith let the auto insurance policy lapse. Keith rear-ended Ann’s truck today.

10. _d. Comprehensive _ Missy owes for damage to John’s car because she hit him while talking on her cell.

11. _m. Premium_ Monica’s life insurance costs more but includes a savings component.

12. _s. Whole Life__ Pat insures his business partner, Chuck, with a $1 million life insurance policy.

13. __m. Premium__ Rob gets a bill in the mail from ABC Insurance Company for $125.

14. __h. Insurance Company/Insurer _ Ross contacted this business when he had an automobile accident.

15. _n. Property Damage Liability _ Tammy hit a telephone pole and did over $2000 damage to her car.

16. _e. Financial Responsibility Law __ This requires Joe to buy liability insurance prior to getting a license plate.

17. __l. Medical Payments __ Thomas shut the trunk on his thumb and went to the emergency room.

18. __i. Insurance fraud_ Tony and Chris staged an auto accident to collect claim benefits.

19. _n. Property Damage Liability_ Wanda’s car was damaged by hail during a storm.

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Explanation:

Appropriate terms:

a. Actual Cash Value

b. Bodily Injury Liability

c. Collision

d. Comprehensive

e. Financial Responsibility Law

f. Homeowner’s

g. Insurable Interest

h. Insurance Company/Insurer

i. Insurance fraud

j. Insured

k. Joint Insurance

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p. Risk management

q. Underwriter

r. Uninsured and Underinsured Motorist

s. Whole Life

4 0
3 years ago
midshipmen Company borrows $17,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest
irina [24]

Answer:

                                        Debit                            Credit

July 2021

Cash                                 17,500

Loan payable                                                        17,500

June 30, 2022

Loan Payable                   17,500

Interest payable                 2,100

Cash                                                                     19,600

Adjusting Entry's

                                         Debit                                Credit

Interest expense               1050

Interest Payable                                                            1050

Explanation:

Interest for the year = 0.12*17500=2100

Interest expense 2021= 6/12*2100= 1050

6 0
3 years ago
Read 2 more answers
Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,
tatiyna

Answer:

$24,402.50

Explanation:

Medical expenses can be deducted only if they are above 7.5% of your AGI:

$277,300 x 7.5% = $20,797.50

Medical deductions = $29,000 - $20,797.50 = $8,202.50

Evan can deduct $8,700 in mortgage interests

Total deductions for state and local taxes for a single filer = $5,000

Charitable contributions are also deductible = $2,500

total deductions = $8,202.50 + $8,700 + $5,000 + $2,500 = $24,402.50

6 0
3 years ago
On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning $24,000 to Acme Realty for 6 months rent
pochemuha

Answer:

C) debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.

Explanation:

July 1, prepaid rent fro 6 months

Dr Prepaid rent 24,000

    Cr Cash

July 31, adjusting entry to record rent expense

Dr Rent expense 4,000

    Cr Prepaid rent 4,000

total prepaid rent = 24,000 for six months

after one month, 24,000 / 6 = 4,000 must be recorded as rent expense and prepaid rent must be credited.

3 0
3 years ago
Bought goods<br> for<br> cash $100<br> to double<br> entry system.
aalyn [17]
Purchases account is going to increase on the credit side and the cash account is going to decrease ( to be written on the credit side).
3 0
3 years ago
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