1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vagabundo [1.1K]
3 years ago
12

Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cash along with receipts for th

e following expenditures: postage, $44; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $33. Palmona uses the perpetual system in accounting for merchandise inventory.
Required:
1. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $250 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Business
1 answer:
Veronika [31]3 years ago
3 0

Answer:

The journal entries are as follows:

(i) On January 1,

Petty cash A/c Dr.  $200

    To cash A/c              $200

(To record the fund)

(ii) On January 8,

Postage A/c Dr. $44

Transportation-in A/c Dr. $12

Delivery expenses A/c Dr. $14

Miscellaneous expenses A/c Dr. $33

               To cash                                 $103

(To record the reimburse expenses)

(iii) On January 8,

Petty cash A/c Dr.  $50

    To cash A/c              $50

(To record the increases petty cash fund)

You might be interested in
The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs th
forsale [732]

The answer business. This is made up of association of people where they share a common purpose or interest in having to focus the talents that they have and to be able to organize these skills and offer this for their own benefit.

3 0
3 years ago
MC Qu. 128 Leeks Company's product has... Leeks Company's product has a contribution margin per unit of $13.57 and a contributio
Ray Of Light [21]

Answer:

The price of the product is $59

Explanation:

Contribution margin is the net of the selling price and variable cost per unit. Contribution margin ratio is the ratio of contribution per unit to selling price per unit. As given below

Contribution margin ratio = Contribution margin per unit / Selling price per unit

23% = $13.57 / Selling price per unit

Selling price per unit = $13.57 / 23% = $59

3 0
3 years ago
In this market research step, the data are compiled, studied, and interpreted:
Nuetrik [128]

Answer:

Data Preparation/Assembling Analysis

Explanation:

In the data analysis step of Market Research, the data collected in the research are put together, arranged in an organized form, put through detailed review, properly verified by an valid process, interpreted and expounded

In the preparation and analysis step, the data is formatted by editing, coding, transcription and verification to enable accurate analysis of the collected information. Data validation process is put in place to ensure that the proper data that quantifies the desired metrics are obtained.

The process of data preparation and analysis enables the decision making process by promoting the process of suggesting conclusions, whereby useful information is highlighted by the modelling, transformation, cleaning, and inspection data analysis processes

4 0
3 years ago
Stephan's dream is to own his own hair styling salon. Which educational path
konstantin123 [22]

The educational path that will help him realize that goal is: C. 1,200 hour certificate course at a beauty college.

<h3>What is goals?</h3>

Goals can be defined as what a person have the plan to achieve and work towards achieving the set goals.

If his  dream was to have his own hair styling salon, 1,200 hour certificate course at a beauty college will be the best choice as it is the educational path that will enable him  to achieve his set goal.

Therefore the correct option is c.

Learn more about goals here:brainly.com/question/1512442

#SPJ1

4 0
1 year ago
What general conclusions can be drawn about Eli’s situation? Check all that apply.
Alex777 [14]

Answer:

He may still be covered in some cases.

He faces more risk than insured people do.

He may have to take precautions but many factors are beyond his control.

Not being able to afford insurance was a factor in him not being covered.

Explanation:

I got it correct

7 0
3 years ago
Read 2 more answers
Other questions:
  • Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of st
    10·1 answer
  • Megan fails to see any connection between how hard she works and the size of her annual pay raises. consequently, she puts littl
    11·1 answer
  • Increased access to workplace tools and information means work hours may be more
    9·1 answer
  • ABO purchased a truck at the beginning of 2018 for $140,000. They sold the truck at the end of 2019 for $95,000. If the expected
    7·1 answer
  • For a manufacturing company, selling price for an item is $472.00 per Unit, Variable cost is $235.00 per Unit, rent is $7,880.00
    13·1 answer
  • Which of the following is a nominal variable? - Education - Age - Employment status - One needs to know the attributes to determ
    5·1 answer
  • Which of the following statements ignores the concept of opportunity cost?
    12·1 answer
  • Post Delivery Service acquired at book value 80 percent of the voting shares of Script Real Estate Company. On that date, the fa
    11·1 answer
  • Assuming the Coase theorem applies, an efficient allocation of a resource will result ... A. only if the government acts to inte
    12·1 answer
  • The graphic would indicate a market that is
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!