All categories

2 years ago

Journalize the entries to record the following:

Business

1 answer:

zlopas [31]2 years ago

3 0

Answer: Please see below

Explanation:

a. Journal to record the entry to establish the petty cash fund.

Account Particulars Debit Credit

Petty Cash $750

Cash $750

b. Journal to record the entry to replenish the petty cash fund.

Account Particulars Debit Credit

Office Supplies $248

Misc Selling Expense $212

Miscellaneous administrative expense, $96.

Cash Short and Over $18

Cash $574

To calculate Cash Short and Over= $750-(248+212+ 96)= 750 -556= $194

but the money in the pettycash fund On April 1 is $212.

therefore Cash short and over = $212-$194 = $18

You might be interested in

Your résumé should always begin with the title RESUME at the top. True or False

docker41 [41]

I believe that statement is False

A resume usually required to be sent to a specified email address that is used by a member of company's human resources, they would know what resume look like without having to put that title. It would be best to put your photos or general information at the top of the resume.

4 0

2 years ago

Read 2 more answers

On July 1, the inventory of at Barnett Shoes was $60,000. Because of anticipated back-to-school sales, the owner wants to have a

AVprozaik [17]

Answer:

required purchase 83,500

Explanation:

The cost of inventory in july sales and our desired ending invenory is the amount we need. the beginning inventory is a portion of this demand already fullfil, we need to purchase for the difference.

cost of inventory sales for July:

70,000 x (1 - 45%) = 38,500

desired ending inventory 105,000

beginning inventory (60,000)

required purchase 83,500

4 0

3 years ago

Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $70,900 cash to start the busi

kvasek [131]

Answer:

Net Income = $28,070

Explanation:

As for the provided details:

Balances as on December 31, 2014

Cash = $70,050

Accounts Receivables = $40,000

Inventory = $77,000

Total Assets = $187,050

Accounts Payable = $13,600

Note Payable = $3,400

Interest payable = $180

Total Liabilities = $17,180

Common Stock = $70,900 + $70,900 = $141,800

Retained earnings = $28,070

Total Stockholder's Equity = $169,870

Total of Equity and Liabilities = $187,050

Now, since it is the first year of operations, the balance of retained earnings in beginning = $0.

Also no dividend is paid, therefore, net income for the year shall be

Opening Retained Earnings + Net Income - Dividend = Closing Retained Earnings

$0 + Net Income - $0 = $28,070

Thus, Net Income = $28,070

5 0

3 years ago

When individuals use all available information about an economic variable to make a decision, expectations are?

monitta

when individuals use all available information about an economic variable to make a decision, expectations are -rational

What is economic variable?

An economic variable is any measurement that helps to consider how an economy may function . for instance population, poverty rate, inflation, and available resources.

What are the five economic variables?

There are 5 common economic variable that are considered :

output, gross domestic product ( GDP ), production, income, and expenditures.

What factors cause economic growth?

Basically , there are two main cause of economic growth: growth in the size of the workforce and growth in the production activity (output per hour worked) of that workforce.

Learn more about economic variable:

brainly.com/question/14980411

#SPJ4

7 0

8 months ago

(tco 7) which access control method is characterized by the information owner being responsible for assigning privileges to appr

Tems11 [23]

Web applications need access controls to allow users (with varying privileges) to use the application.They also need administrators to manage the applications access control rules and the granting of permissions or entitlements to users and other entities. Various access control design methodologies are available. To choose the most appropriate one, a risk assessment needs to be performed to identify threats and vulnerabilities specific to your application, so that the proper access control methodology is appropriate for your application.

3 0

3 years ago