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
BARSIC [14]
3 years ago
11

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund wa

s last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:
December 4 - Freight charge for merchandise purchased - $ 61
December 7 - Delivery charge for shipping to customer - $ 85
December 12 - Purchase of office supplies - $ 50
December 18 - Donation to charitable organization - $ 69
If, in addition to these receipts, the petty cash fund contains $227.25 of cash, the journal entry to reimburse the fund on December 31 will include:
a. A debit to Petty Cash of $111.
b. A credit to Cash Over and Short of $7.75.
c. A credit to Cash of $272.75.
d. A credit to Office Supplies of $85.
e. A debit to Transportation-In of $111.
Business
1 answer:
Salsk061 [2.6K]3 years ago
5 0

Answer:

c. A credit to Cash of $272.75.

Explanation:

These transactions can be explained with the help of T- Account .

<h2><u>          Cash             </u></h2><h3><u>Debit                   Credit   </u></h3>

                         Bal $ 500

Freight $61

Shipping

Charges  $ 85

Supplies  $ 50

Donation  $ 69

Suspense   7.75

<u>Fund     $ 227.25                     </u>

                        Fund   $ 227.25

<u>               Reimbursement </u><u> $272.75</u>

<u>                                             $ 500   </u>

<u />

<em><u>As there is shortage of $ 272.25 in the amount of $ 500 the petty cash will be reimbursed with this amount.</u></em>

<em><u>An amount of $ 7.75 is short  which is dealt in suspense account and reimbursed with the amount falling short.</u></em>

You might be interested in
Decisions made during the supply chain design phase regarding significant investments in the supply chain, such as the number an
Mars2501 [29]

Answer:

The correct answer is True.

Explanation:

A good supply chain aims to maximize the profitability of the company while trying to provide the best service in order to obtain a high degree of customer satisfaction. That is why, when planning the design, it must be customer oriented and not only focused on the company.

Steps prior to the design of the supply chain

When designing the supply chain, there are several points to consider in order to obtain a coherent and functional design.

  • The members that become part of the chain. The first thing to be fixed are the members that are part of the chain, since this will be the guide to go through the rest of the steps. Within this, a subdivision could be carried out, but it is worth mentioning that an agent can be a principal or support agent jointly depending on the work to be done at each moment:
  • Principal. They are the ones that provide direct value to the product or service.
  • Of support. They are those members whose function is to provide information or resources to the main members, such as banks.
  • Structure that forms the chain, that is, all the phases through which a product / service passes in order to be marketed as such. At this point we must try to be as meticulous as possible and always add as much as possible all the phases that are involved, both in manufacturing and in supply.
  • Processes and flows that are carried out in each of the structures mentioned above.
8 0
3 years ago
At the end of the accounting period, a company's overhead was overapplied by $400. The Factory Overhead account was properly adj
wariber [46]

Answer:

The overapplied factory overhead results in more expense. The overapplied factory overhead results in increase in cost of good sold. Over-application means that actual overhead are less than reported expense. At the end of the accounting period the company will pass following accounting entry to adjust over application

Debit FOH account                400

Credit Cost of Good Sold       400

So after this adjustment the net income will increase by 400 dollars.

5 0
3 years ago
T-Bills are a security whose price can vary in the market where they are bought and sold after they are auctioned to the investi
natka813 [3]

Answer:

C. What you earn on this security would not change as a result of the change in interest rates.

Explanation:

The increase in the interest rate will decrease the price of the T-Bill if you want to sell it to another investor, but what you will earn with the security will not change at all. Your earnings in dollars = interest rate paid by the T-Bill or any other type of bond.

If you buy and sell securities for a living, then a change in the interest rates can make you win or lose money, since the price of the securities will increase or decrease. If interest rates increase, the price decreases. But if you invest on a security to earn the coupon or interest rate that it pays, a change in the price will not affect you because you already own it. The opportunity cost of holding the security might change, but the accounting revenues will not.  

7 0
3 years ago
URGENT!! NEED ANSWER ASAP<br><br> The FBLA is only for students still in school.<br> True<br> False
AleksAgata [21]

Answer: False

Explanation: They have a division for college students , parents and educators.

5 0
3 years ago
Consider two cars manufactured by Chevrolet in 2014. During 2014, Chevrolet sells one of the two cars to Emily for $20,000. Late
Anna35 [415]

Answer:

The answer is: $39,000

Explanation:

The gross domestic products includes all the production of final and legal goods or services. These final products can be sold or held in inventory.

In this case, the GDP should include the $20,000 car sold to Emily and the $19,000 that correspond to the car held on finished inventory.

3 0
3 years ago
Other questions:
  • Because training is expensive it is important for an organization to:____________.
    15·1 answer
  • Alex received two job offers. He is not sure whether he should take a job at the movie theater that is close to his house and pa
    14·1 answer
  • The _____, or potential exposures, possible in a medium is arrived at by multiplying the medium's total audience size by the num
    12·1 answer
  • Alfred, Mario, and Lydia have worked together on the same team for three years. The company has just hired a new personnel direc
    13·2 answers
  • Tullius Corporation has received a request for a special order of 8,000 units of product C64 for $50.00 each. The normal selling
    10·1 answer
  • Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Inc. (BLI). As part of their discussi
    15·1 answer
  • Strong brand names: multiple choice 1 are easy to create. guarantee brand loyalty. guarantee product quality. act as a signal of
    15·1 answer
  • Brooke's Boutique sells clothing from around the world in the United States. Brooke regularly travels overseas to find the best
    11·1 answer
  • strategies are incentives a manfacturer offers to its distribution partners such as dealers, wholesalers, retailers, and the lik
    6·1 answer
  • The force that leads to zero economic profits for monopolistically competitive firms in the long run is:_________
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!