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3 years ago

Prepare journal entries for each of the following

Business

1 answer:

vova2212 [387]3 years ago

7 0

Answer:

The Journal entries are as follows:

(a) On March 1,

Petty cash A/c Dr. $1,000

To cash $1,000

(To record petty cash fund)

(b) On April 1,

Repairs Expense A/c Dr. $600

Miscellaneous Selling Expense A/c Dr. $56

To Cash Short and Over $29

To cash $685

(To record cash short and over account.)

Notes:

Cash Short and Over = 1000 - (600 + 56 + 315)

= $29

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3 years ago

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Answer:

Henderson = $1,200

Central States = $1,000

Based on the calculations, Central States Railroad is better at a lower cost than Henderson

Explanation:

The question is to do an evaluation of the costs of use Henderson Bulk Trucking Company or the Central States Railroad

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What is the cost per tank truck = $600

What is the capacity in gallons = 700 galloons

However, since XYZ Chemical needs to ship 9,600 gallons, it means it will make use of 2 trucks from Henderson as follows

The cost of Henderson Bulk Trucking = $600 x 2 = $1,200

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3 years ago

When recording depreciation, which of the following statements is true?

professor190 [17]

Answer:

D. None of the above are true.

Explanation:

As while recording depreciation, the total assets is decreased and the stockholder equity is also decreased as depreciation is a contra asset account

In the side of stockholder equity, the net income, the retained earning and the stockholder equity is decreased

whereas, the total asset is decreased as the amount of asset is reduced by deducting the accumulated depreciation amount

The journal entry is shown below for better understanding

Depreciation Expense A/c XXXXX

To Accumulated Depreciation XXXXX

(Being depreciation expense is recorded)

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3 years ago