Answer:
A petty cash fund is created by debiting the petty cash account and credited to the cash account
The expenses made is debited to the respective expenses account and then credited to the cash account
Explanation:
petty cash = $470
Expenditures made by employees :
supplies = $139
Fuel for deliveries = $123
postage = $76
Miscellaneous = $40
NOTE : A petty cash fund is created by debiting the petty cash account and credited to the cash account
The expenses made is debited to the respective expenses account and then credited to the cash account
ATTACHED IS THE JOURNAL ENTRY
Answer: Destination Contract.
Explanation:
Destination Contract is a contract for the sale of goods, in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination.
The seller assumes liability for any losses or damage to the goods until they are tendered at the destination specified in the contract.
The seller bears the risk of loss until he completes his delivery requirements as stated under the destination contract. If the goods are destroyed or damaged while in transit to buyer, the seller bears the loss.
After the delivery company has delivered the goods at the buyer’s location, then the seller is no longer liable for any damages after that.
Just add the number e s and you will end up with 60
Answer:
"No."
This transaction does NOT require an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "No."
Explanation:
The check disbursement does not require an adjustment to the financial statements for the fiscal year ending 12/31/2019, because the check is dated 1/6/2020.
Adjusting entries are changes to the journal entries which tries to match transactions to their correct accounting periods. A check dated January 6, 2020 does not belong to the fiscal year ending December, 2019.
Adjusting entries are usually for Accrued Revenue, Accrued Expenses, Deferred Revenue, Prepaid Expenses, and Depreciation Expenses.
Answer:
Cash Collection is $122,000
Receivable as on August 31, is $97,000
Explanation:
Total budgeted cash collection in the month of August is $122,000 and total receivables as on August 31 is $97,000.
A schedule for the cash collection is made in MS Excel file, which is attached with this answer, please find it.
