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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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Morrow City Inc. manufactures small flash drives and is considering raising the price by 75 cents a unit for the coming year. Wi
JulsSmile [24]

Answer:

Operating profit is projected to be $35,100

Explanation:

                 Morrow City International

Analysis of the Current and Projected demand to determine the Operating Profit

Particulars         Current       Projected     Changes in

                           Demand      Demand       Demand        

Selling price          $8.50           $9.25            0.75

Less: Cost Price    $5.80           $5.80            0

Contribution           $2.7             $3.45            0.75

Margin

Unit Sold                <u>79,000        72,000        -7000</u>

Total                       $213,300     $248,400   $35,100

Contribution

Note: Total contribution = Unit sold * Contribution margin

3 0
3 years ago
Distinguish between Private and Public Company???​
grigory [225]

Answer:

A Public Company is owned and traded publicly on the stock exchange. A Private Company is owned and traded privately. Limited can use after the public company name (Example- ABC Limited). Private Limited can be used after the private company name.

3 0
2 years ago
Read 2 more answers
Robinson's has 24,000 shares of stock outstanding with a par value of $1 per share and a market price of $40 a share. The balanc
Zina [86]

Answer:

Find attached question with multiple choices

The third option ,72,000 shares, is the correct answer.

Explanation:

A stock split refers to redenomination of shares by increasing the number of shares and proportionately reducing the number par value per share.

A 3-1 share split means that one prior share now commands three shares while the price of one share is apportioned between the three shares

Robinson now 3/1*24,000 shares=72,000 shares

One previous share was $1 par value but the three new shares would $1/3=$0.33 per share instead of the previous $1 par value

Download xlsx
7 0
2 years ago
The "over-the-counter" market received its name years ago because brokerage firms would hold inventories of stocks and then sell
Svetradugi [14.3K]

Answer:

false

Explanation:

Over-the-counter refers to the process of how securities are traded for companies not listed on a formal exchange. Securities that are traded over-the-counter are traded via a dealer network as opposed to on a centralized exchange.

5 0
3 years ago
Helen is keen on creating her own company when she graduates from college. She has researched the sector and developed contacts
steposvetlana [31]

Hello,

My question - are there any answer choices.

Your Question - Helen is keen on creating her own company when she graduates from college. She has researched the sector and developed contacts with vendors. She also has a risk-taking personality. What is an appropriate career option for Helen after she graduates from college?

Answer - Manager of a store

Why - Well since she talked to vendors, and vendors could giver her food. But since there are no answer choices its kind of harder to answer.

6 0
3 years ago
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