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Vaselesa [24]
4 years ago
15

Cash sales rung up by cashiers totaled $120,500. Cash in the drawer was counted and found to be $126,000. The journal entry to r

ecord the day's sales would include a:
Business
2 answers:
Mama L [17]4 years ago
6 0

Answer:

credit to Cash Overage for $5,500.

Explanation:

When sales are made and cash is received, the normal entries to be passed are a debit to cash and a corresponding credit to sales revenue to recognise the revenue earned from sales.

However when there is an overage in cash the excess funds are moved to an overage account pending resolution of the discrepancy. When the error is identified reversal entries are passed to assign finds to correct source. If however the error cannot be detected the amount is considered an income.

The overage in this case is 126,000- 120,500= $5,500

So the entry to be passed is

Credit Cash Overage $5,500

Note Cash Overage is an income account.

blagie [28]4 years ago
3 0

Answer:

Credit to Cash Overage for $5,500

Explanation:

Revenue total is $120,500 so the revenue will be recorded by this amount and the cash is $126,000 so it will also recorded by the same amount. An additional credit entry will be placed to reflect the effect of this transaction.

The journal entry to record the day's sales would include

Debit     Cash                  $126,000

Credit    Cash Overage  $5,500

Credit    Sales                 $120,500

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Decide depreciation expense for the entire year and afterward customize the cost between the two-time frames included. Depreciation is the procedure by which an organization apportions an advantage's cost over the term of its valuable life. Each time an organization readies its money related explanations, it records a devaluation cost to allot a bit of the cost of the structures, machines or gear it has obtained to the current monetary year.
4 0
3 years ago
Management by exception:
iragen [17]
<span>Management by exception holds that only those issues that are significantly deviating from the normal course of action need to be looked at. If the deviations are minor or are likely due to random chance, then management does not need to worry about it at the time. None of the choices presented properly give this definition.</span>
5 0
3 years ago
When Federal Reserve Banks purchase government from commercial banks, they increase the reserves in the banking system, which th
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When Federal reserve banks purchase government securities from commercial banks, they increase the reserves in the banking system and they also increase the lending ability of the commercial banks.

If the Federal reserves want to increase the reserves, what they do is to buy securities. They then make a deposit to the account held at the commercial bank.

An example is if the Feds should buy securities of 1000 dollars, the bank would be having an excess of 1000 dollars to lend.

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4 0
3 years ago
Consider the following work breakdown structure:What is the probability that this project will be completed within 210 days AND
ella [17]

Answer: 0.8186  

Explanation:

Given that;

activity To    Tm Tp     Te (V)^0.5            v

A         38    50 62    50 4                   16

B         90    99 108    99 3                    9

C         70    80 90    80 3.333333    11.11111

D         19    25 31    25 2                    4

E         91    100 115    101 4                   16

F         62    65 68    65 1                    1

Expected duration Te = (4 × Tm + To + Tp ) / 6

Variance = ( Tp-To/6]²

variance of the critical path = 9+16 =25

SD of the critical path = ( var)^0.5 = 5

probability that the project will be completed within  210 days is given by

z = (210-200) / 5 = 2

which gives probability of 0.97725

Probability that the project will be completed within 195 days

z = (195-200) / 5 = -1

which corresponds to probability of 0.1586

Now required probability that project completes within 210 but before 195 days is given by

0.97725 - 0.1586 = 0.8186  

4 0
3 years ago
Isabel and Josh engage in a business transaction that leads to a dispute. Isabel initiates a lawsuit against Josh by filing a co
andreev551 [17]

Answer:

(b.) Isabel will have a judgment entered in her favor

Explanation:

Under the Rules of the court Josh's action is referred to as Default of Appearance.  Isabel is the Complainant while Josh is the Defendant.

It is the law that where a Defendant fails to appear before the court where there is a proof of service of the summons on him or her, Complainant may apply to the Judge for a judgement in respect of the claim on the summons to be entered in his or her favor against the Defendant.

Therefore, in the instance case at hand, Isabel will have a judgment entered in her favor for failure of Josh to appear before the court.

Option (a) is not the answer because Isabel does not need to file an amended complaint because Isabel did not ask the court for any amendment of her complaint. Isabel can only file an amended complaint if she intends to change her complaint against Josh.

Option (c) is not also the answer because Josh chooses to ignore the summons served on him. If for instance Josh did not get the summons served on him or the judge is of the opinion that Josh was not properly served, then the court can order that Josh must be served with a second summons.

Option (d) is also not the answer because Josh cannot have a judgment entered in his favor because he is the person who defaulted appearance before the court. A party who is in default of appearance cannot have judgment entered in his favor.

4 0
4 years ago
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