Answer and Explanation:
The journal entries are shown below:
On Apr 2
Petty cash $290
To Cash $290
(Being the establishment of the petty cash fund is recorded)
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
On Apr 10
Mail & Postage $62
Contributions and Donations $33
Meals & entertainment $114
Cash Short and Over $4 ($290 - $62 - $33 - $114 - $77)
To Cash $213
(Being the replenishment of the fund is recorded)
For recording this, we debited the mail & postage, contributions & donations, meals & entertainment as it increased the expenses and credited the cash as it reduced the assets and the balancing figure is debited to cash short and over
On Apr 11
Petty Cash $140 ($430 - $290)
To Cash $75
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
Organizations often have different operations. The starting point for preparing the operating activities section using the indirect method is Net income.
- Net income is simply known to be the gross profit and removing all other expenses, costs and any other income and revenue sources that are not included in gross income.
A lot of other costs is often removed from gross to make it be at net income. They include interest on debt, taxes, and operating expenses or overhead costs.
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Answer:
D. A large number of people are unemployed and have decreased spending power.
Answer:
a) Assets will be overstated
Explanation:
Annual repairs costs are operating expenses that should be debited to the repair and maintenance account. The amount should increase the repair and maintenance account and, consequently, expenses for that period.
If the repair expenses are debited to the asset account, assets increase in value. Since the repair costs are wrongfully posted, the assets will be overstated. On the other hand, expenses will be understated
Answer:
Sam's producer surplus is $3
Explanation:
A producer surplus is the difference between the amount a producer is willing to sell a product for and the price of the product in the market that consumers are willing to pay if the consumer price is higher.
Mathematically, it is represented as; market price - willing price
= 18 - 15 = $3.