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charle [14.2K]
2 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:
meriva2 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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The profit margin is the financial gain from a sale after the costs of providing the sold product have been deducted. Thus, the statement is true.

<h3>What is the profit margin?</h3>

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1 year ago
Compare and contrast the risks and goals of entrepreneurs and inventors.
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The difference between an inventor and an entrepreneur is that, an inventor develops new services and goods but he does not have them to the market. An entrepreneur risks resources may it be human, capital or natural in order to bring to the market improved and new products.

The risk which is incurred between entrepreneur and inventor is that, entrepreneur undergoes huge financial risks because a lot of money is being invested while inventor has low financial risk since there is no big investment which is being required.


4 0
3 years ago
Read 2 more answers
Allstar Exposure designs and sells advertising services to small, relatively unknown companies. Last month, Allstar had sales co
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Answer: The answer is Net income $180,000

Explanation:

All star Exposure

Monthly income Statement

$ $

Sales. 475,000

Less: Expenses

Sales commission 42,000

Technology cost 71,000

Research & Development cost 140,000

Selling Expenses 12,000

Administrative Expenses 30,000

---------------------

(295,000)

---------------------

Net income. 180,000

-----------------------

The All star income statement has no line item for cost of good sold because cost of good sold is a direct cost incurred by All star Exposure on the goods sold. it does not appear as part of the expenses in the income statement.

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A stock has annual returns of 5 percent, 21 percent, -12 percent, 7 percent, and -6 percent for the past five years. The arithme
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Answer:

Arithmetic = 3%

Geometric = 2.37%

Explanation:

The arithmetic average of 'n' returns is given by:

A = \frac{\sum r_i}{n}

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A=\frac{0.05+0.21-0.12+0.07-0.06}{5}\\ A=0.03=3\%

The geometric average of 'n' returns is given by:

G=\sqrt[n]{(1+r_1)*(1+r_2)*...*(1+r_n)}-1

For five returns of 5% ,21%, -12%, 7%, and -6%:

G=\sqrt[5]{(1+0.05)*(1+0.21)*(1-0.12)*(1+0.07)*(1-0.06)}-1\\G=0.0237=2.37\%

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I think its B.

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