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Naddik [55]
3 years ago
7

Blossom, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follo

wing information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $271. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $76 Supplies purchased and used 41 Postage expense 49 I.O.U. from employees 33 Miscellaneous expense 52 The petty cash fund was replenished on April 10. The balance in the fund was $12. 3. The petty cash fund balance was increased $116 to $387 on April 20.
Business
1 answer:
Crazy boy [7]3 years ago
6 0

Answer:

The Journal entry with their narrations shown below:-

Explanation:

The Journal Entry is shown below:-

1. Petty cash Dr, $271

       To Cash $271

(Being establishment of petty cash fund is recorded)

2. Freight-in Expenses(delivery charges) Dr, $76

Supplies expenses Dr, $41

Postage expenses Dr, $49

Loan to employees (Accounts receivable) Dr, $33

Miscellaneous expenses Dr, $52

Cash short and over Dr, $8

         To Cash                              $259

($271 - $12)

(Being disbursement of cash is recorded)

3. Petty cash Dr,  $116

       To cash  $116

(Being increase in petty cash is recorded)

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3 years ago
A company has a beginning inventory of $ 20 comma 000 and purchases during the year of $ 130 comma 000. The beginning inventory
ollegr [7]

Answer:

$66,680

Explanation:

The computation of the cost pf goods sold is shown below:

= Number of units sold × average cost per unit

where,

Number of units sold equals to

= Beginning inventory units  + purchased units - ending inventory units units

= 3,000 units + 6,000 units - 5,000 units

= 4,000 units

Now the average cost per unit would be

= (Beginning inventory + purchases) ÷ (Beginning inventory units + purchased units)

= ($20,000 + $130,000) ÷ (3,000 units + 6,000 units)

= $16.67

Now put these values to the above formula  

So, the value would equal to

= $4,000 units × $16.67

= $66,680

7 0
3 years ago
Lego, Inc., issued common stock in Year 1. It issued 10,000 shares of 8%, $100 par value cumulative preferred stock for $110 per
Arisa [49]

Answer: $160,000

Explanation:

Given the following:

Par value = $100

Rate of Dividend = 8% = 0.08

Number of shares = 10,000

Preferred Dividend is calculated thus:

Par value * rate of Dividend × number of preferred stock

$100 × 0.08 × 10,000 = $80,000

Since year 4 Dividend wasn't paid

Total year 5 Dividend equals:

(Year 4 Dividend + year 5 dividend)

$(80,000 + 80,000) = $160,000

5 0
3 years ago
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"what is south korea's opportunity cost of producing one digital camera?"

A: 20lbs of wheat.
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3 years ago
You buy a used car for $18,000. You were given 3% interest over 3 years. What is your
makkiz [27]

Answer:

$545

Explanation:

The total amount of interest to be paid is obtained by the formula.

I= p x r x t,

Where  I= interest

 P= principal amount

 R= interest rate

 T= time

In this case

I= $18,000 x 3/100 x 3

I= $18,000 x 0.03 x 3

I=$18,000 x 0.09

Interest paid will be $1,620

Total amount to be repaid is the principal amount plus interest

=$18,000 + $1,620

=$19,620.

The amount of  $19,620 will be repaid in 3 years( 36 months)

monthly payment will be

=$19,620 /36

=$545

Monthly repayments will be $545

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3 years ago
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