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Stolb23 [73]
2 years ago
5

Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $61 in cash along with receipts for th

e following expenditures: postage, $35; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $24. Palmona uses the perpetual system in accounting for merchandise inventory.
Required:
a. Prepare journal entries to establish the fund on January 1.
b. Prepare journal entry to reimburse the petty cash fund on January 8.
c. Prepare journal entries to both reimburse the fund and increase it to $450 on January 8.
Business
1 answer:
saveliy_v [14]2 years ago
6 0

Answer:

Palmona Co Journal entries

1.

Jan-01

Dr Petty cash 150

Cr Cash 150

2.

Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cr Cash 89

3. Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cash 89

4.

Jan-08

Dr Petty cash 300

(450-150)

Cr Cash 300

Explanation:

1. To establish petty cash fund

2.To record reimbursement

3.To record reimbursement

4. To record increase in fund balance from 150 to 450

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4 0
1 year ago
In the context of Camp Bow Wow, which of the following is likely to be affected and shaped by founder Heidi Ganahl's inspiration
marishachu [46]

Answer:

c.Internal environment

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3 years ago
In material requirement planning calculations, gross requirements for finished products are taken from ________________________.
Ipatiy [6.2K]

Answer:

Forecasted sales

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In the production process amount of inventory purchased for producing goods must be carefully calculated.

This avoids waste incurred from buying excess of materials needed for operation. Also when there is shortage of materials time and resources are wasted getting more materials.

So when calculating material requirements for finished products it is important that we consider sales forecasts.

Materials purchased based on this will just adequately meet the demand for product.

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1. Identify and describe two incremental cash flows from a proposed project such as expanding a product line or launching a new
Mazyrski [523]

Answer:

Explanation:

1. Incremental cash flow is the potential increase or decrease in cash flow from an investment this could be positive or negative.

In this case in expanding a product line or launching a new project incremental cash flow could be.

a. Positive: this is the increase in cash flow due to the product launch and expansion.

b. Negative: this is the decrease in cash flow due to the product launch and expansion

2. a. Payback:

profit gotten from an initial investment equal to what was initially invested

b. Net Present Value(NPV)

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6 0
3 years ago
A furnace repair team services a design capacity of 6 furnaces per day with an effective capacity of 5 furnaces per day. What is
VashaNatasha [74]

Answer:

66.7%

Explanation:

Given that,

Design capacity = 6 furnaces per day

Effective capacity = 5 furnaces per day

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= (Actual capacity ÷ Possible capacity) × 100

= (4 per day ÷ 6 per day) × 100

= 0.667 × 100

= 66.7%

Therefore, the efficiency ratio is 66.7 percent.

6 0
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