When you decide to go and have a dinner with your friends in a world class hotel such as the Golden Tulip or La Pleasure Beach,
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Answer:
The question is missing some figures which can be seen from the attached image.
Petty cash is a fund set aside in the office to pay minor day to day expenses incurred.Usually, an amount is made available at the beginning of period called float,from which expenses can be paid and the amount equal to spend is reimbursed at the end of the month.
In order, to make payment even more easier,some businesses take up credit cards from financial institutions,from which expenses can be paid on account.
The balance of $415 means in petty fund,implies that $85 spent needs to be replenished at month end and that the remaining expenses were paid with credit card.
Explanation:
Find in the attached spreadsheet the entries posted in respect of petty cash and credit card expenses in the month.
Answer: Please Refer to Explanation
Explanation:
Please see complete question attached to this answer.
A.
As the company has not paid the salary but they recognize it is an expense, it should be credited to Salaries payable from the salary expense account.
DR Salary Expense $ 18,500
CR Salary Payable $18,500
( To record Salary Expense incurred but not paid)
B.
As the company has not paid the interest but they recognize it is an expense, it should be credited to Interest Payable from the interest expense account until it is paid.
DR Interest Expense $400
CR Interest Payable $400
( To record interest expense on loan not paid )
C.
As the company has not paid the mortgage interest but they recognize it is an expense, it should be credited to mortgage payable from the mortgage account expense account
DR Mortgage Interest Expense $1,025
CR Mortgage Interest Payable $1,025
( To recording interest expense on mortgage not paid for the year).
