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Vitek1552 [10]
3 years ago
10

Spencer Co. decides to establish a petty cash fund with a beginning balance of $200. The company decides that any purchase under

$25 can be processed through petty cash instead of the voucher system. The journal entry to record establishing the account is ___________.
Business
1 answer:
Mars2501 [29]3 years ago
7 0

Answer:

Debit Petty cash $200 and credit cash $200

Explanation:

Accountants evaluate business activities and put them in record using journal entries such as debit-credit rules as a guide. Normally, an accountant will use specific journals for numerous journal entries of the same type – like sales journals, cash journals and purchases journals. Businesses which are large usually use specialized journals, while businesses which are smaller tend to only use a general journal that has all transactions. Recording journal entries is only the first step in the accounting.

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Sam invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in hi
ki77a [65]

Answer:

Assets= 15,000

Liabilities= 10,000

Owner's equity= 5,000

Explanation:

When he invests 5,000 of his own money that 5,000 is an asset as it is cash and the 10,000 he borrows is also an asset as it is cash. The liabilities are 10,000 as he has to pay 10,000 back and it is a loan so it is a liability also.

The owners equity is 5,000 as he invested 5,000 of his own money in the business and that is owners equity.

7 0
4 years ago
1. The Sherman and Clayton Acts The Clayton Act of 1914 classifies several business practices as illegal, including price discri
labwork [276]

Answer: Antitrust law

Explanation:

The Clayton Antitrust Act of 1914, was a part of the United States antitrust law with the aim of adding further substance to the United States antitrust law regime.

The Clayton Act was to prevent anticompetitive practices. It was enacted in 1914 with the objective of strengthening Sherman Antitrust Act. When Sherman Act was enacted in 1890, the regulators realized that that the act had some weaknesses which made it impossible to prevent anti-competitive practices in businesses so the Clayton Act addressed the issue.

6 0
3 years ago
What percentage of job opening are published?
Sedaia [141]

wait:( is there's no b because my answer on my own work is b

3 0
3 years ago
What economic concept is applied in this statement?
VMariaS [17]
Positive externality

8 0
3 years ago
Read 2 more answers
The volatility of the market portfolio is 10% and it has an expected return of 8%. The risk-free rate is 3%. calculate the beta
Maurinko [17]

Answer: 0.82466

Explanation:

You did not give the other information required to solve the question but here are some information that was gottten.

Portfolio Weight

HCE Corp = 0.25

Green Miget = 0.31

Alive and Well = 0.44

Volatility

HCE Corp = 10%

Green Miget = 27%

Alive and Well = 14%

Correlation with the Market Portfolio

HCE Corp = 0.43

Green Miget = 0.54

Alive and Well = 0.43

Beta of HCE Corp = (0.43 × 0.10)/0.10

= 0.43

Beta of Green Miget = (0.54 × 0.27)/0.10

= 1.458

Beta of Alive and Well

= (0.43 × 0.14 ) /0.10

= 0.602

The beta of the portfolio will then be calculated as the portfolio Weight multiplied by the beta of very stick and this will be

= (0.25 × 0.43) + (0.31 × 1.458) + (0.44 × 0.602)

= 0.1075 + 0.45198 + 0.26488

= 0.82436

3 0
3 years ago
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