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charle [14.2K]
3 years ago
9

The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund is set up wit

h a $350 cash balance. Because the money in the fund is down to $70.20, the fund is replenished. Petty cash vouchers are as follows: Flowers for hospitalized employee (miscellaneous expense) $ 84.38 Postage stamps 135.00 Office supplies 46.71 The cash in the fund is $193.07. The fund is replenished to include petty cash payments in this period's financial statements. The petty cash vouchers are for the following: Transportation in $64.12 Office supplies 92.81 The petty cash fund balance is increased to $400. 30 May 1 Prepare the journal entries to record these transactions.
Business
1 answer:
meriva3 years ago
3 0

Answer:

The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. The cashier creates a journal entry to record the petty cash receipts he entry must show an increase in your Petty Cash account and a decrease in your Cash account. To show this, debit your Petty Cash account and credit your Cash account. When the petty cash fund gets too low, you must refill it to its set amount Count the money remaining in your petty cash account at the end of an accounting period. For example, assume your petty cash account has $550 remaining. Subtract the amount remaining from the account's original balance to determine by how much you need to replenish the account. A cash receipts journal is used to record all cash receipts of the business. All cash received by a business should be reported in the accounting records. In a cash receipts journal, a debit is posted to cash in the amount of money received. An additional posting must be made to balancing the transaction.

Explanation:

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Answer:

(A) 1,200 Margin of Safety_{units}

(B) 330,000 Margin of Safety_{usd}

(C) Margin of Safety 40% of Sales

Explanation:

(A)

Sales \: Revenue - Variable \: Cost = Contribution \: Margin

275 - 150 = <u>125 CM per unit</u>

\frac{Fixed\:Cost}{Contribution \:Margin} = Break\: Even\: Point_{units}

\frac{225,000}{125} = 1,800 = Break\: Even\: Point_{units}

{units \: sold- BEP_{units} = margin \: of \: safety_{units}

3,000 - 1,800 = 1,200 Margin of Safety_{units}

HOW? we Calculate the contribution per unit. Then the BEP in units and with that the margin of safety in units.

(B)

\frac{Contribution Margin}{Sales Revenue} = $Contribution Margin Ratio

125/275 = 0.45454545 = <u>5/11 CM ratio</u>

\frac{Fixed\:Cost}{Contribution \:Margin \:Ratio} = Break\: Even\: Point_{dollars}

225,000/(5/11) = 495,000 BEP USD

{current \:sales - BEP_{USD} = margin \: of \: safety

825,000-495,000 = 330,000 Margin of Safety_{usd}

HOW? we Calculate the contribution ratio by dividing CM over sales. Then the BEP in dollars and with that the margin of safety in dollars.

<em><u>Important:</u></em> When posible to avoid rounding errors express as fraction iof posible

(C)

\frac{current \:sales - BEP_{USD}}{current \:sales} \times 100 = margin \: of \: safety

\frac{330,000}{825,000} \times 100 = margin \: of \: safety

Margin of Safety 40%

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John, a line supervisor, has decided to increase Kerry's responsibilities by delegating more work to her station. what is the fi
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Explanation:

Option A: If a new work is assigned or an additional work is assigned, it is necessary to first explain about the new responsibility and clarify about the assignment. This would ensure Kerry to continue the work smoothly.

Option B: Feedback is always welcome but this is not the first step to add responsibilities.

Option C: Notifying others is the responsibility of John and not Kerry. So this choice is invalid.

Option D: Accountability though it is mandatory comes only in the closure part.

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In mathematically,  

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= $6.5 million  - $4.0 million

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While creative thinking is occasionally referred to as "lateral" thinking, analytical thinking is also known as logical thinking. Others go further to highlight the idea by comparing it to whether thinking is more left-brain (analytical) or right-brain (creative).

Converging on facts, data, knowledge, judgment, experience, and wisdom in quest of the best answer is known as analytical thinking. Diverging one's thinking to consider a wide range of possibilities is the act of being creative.

It's common for people to identify themselves as either analytical or creative thinkers, and to some extent, this is true because most people tend to lean more toward one or the other. But skills are frequently less natural than people believe.

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