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levacccp [35]
3 years ago
9

Havermill Co. establishes a $460 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $94 for Office Supplies, $179 for merchandise inventory, and $43 for miscellaneous expenses. The fund has a balance of $144. On October 1, the accountant determines that the fund should be increased by $92. The journal entry to record the reimbursement of the fund on September 30 includes a:
Business
1 answer:
frozen [14]3 years ago
5 0

Answer:  Debit Petty cash $408; Credit Cash $408.

Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.

In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.

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The answer is, larger; downward.

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8 0
2 years ago
Alex Karev has taken out a ​$ loan with an annual rate of percent compounded monthly to pay off hospital bills from his wife​ Iz
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Answer:

the question is incomplete, so I looked for a similar one:

<em>Alex Karev has taken out a ​$180,000 loan with an annual rate of 11% compounded monthly to pay off hospital bills from his wife​ Izzy's illness. If the most Alex can afford to pay is ​$3,500 per​ month, how long will it take to pay off the​ loan? How long will it take for him to pay off the loan if he can pay $4,000 per​ month?</em>

PVIFA = $180,000 / $3,500 = 51.42857

PVIFA = [1 - 1/(1 + i)ⁿ ] / i = [1 - 1/(1 + 0.11/12)ⁿ] / 0.11/12

51.42857 x 0.11/12 = 1 - 1/(1 + 0.11/12)ⁿ

0.47143 = 1 - 1/(1 + 0.11/12)ⁿ

1/(1 + 0.11/12)ⁿ = 1 - 0.47143 = 0.52857

1 / 0.52857 = (1 + 0.11/12)ⁿ

1.89189 = 1.009167ⁿ

n = log 1.89189 / log 1.009167 = 0.2769 / 0.003963 = 69.87

n = 69.87 months

PVIFA = $180,000 / $4,000 = 45

PVIFA = [1 - 1/(1 + i)ⁿ ] / i = [1 - 1/(1 + 0.11/12)ⁿ] / 0.11/12

45 x 0.11/12 = 1 - 1/(1 + 0.11/12)ⁿ

0.4125 = 1 - 1/(1 + 0.11/12)ⁿ

1/(1 + 0.11/12)ⁿ = 1 - 0.4125 = 0.5875

1 / 0.5875 = (1 + 0.11/12)ⁿ

1.70213 = 1.009167ⁿ

n = log 1.70213 / log 1.009167 = 0.23099 / 0.003963 = 58.29

n = 58.29 months

4 0
2 years ago
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