1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Stolb23 [73]
3 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]3 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

You might be interested in
Richard and Alice are divorced and under the terms of their written divorce agreement signed on December 30, 2011, Richard was r
murzikaleks [220]

Answer:

$10,800

Explanation:

Alice's gross income must include the money she received from Richard as part of their divorce settlement, excluding the amount set for child support:

Alice's gross income = 12 x ($1,500 - $600) = 12 x $900 = $10,800

The extra money that Richard gave Alice that was not part of the divorce settlement is not included in her gross income, since it is included in Richard's gross income.

4 0
3 years ago
How can you best uncover challenges and constraints that employees deal with in their daily work.
Westkost [7]

Answer:

Assumptions and expectations are the root causes of workplace constraints.

Explanation:

To avoid workplace conflicts one needs detailed information and clarity. If we train ourselves to think in a positive way and act without anger will do wonders. Our conduct in a situation is going to be really different if we take some time to look at good intentions instead of immediately reacting. It's much more productive to turn a bunch of assumptions into a shared understanding of the information.

8 0
3 years ago
You have been given the choice to invest $1,200 each year in an account that is expected to pay 3 percent per year or you can in
gregori [183]

Answer:

$4872.48

Explanation:

future value = amount x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

r = 4% - 3% = 1%

1200 x [(1.01)^4 - 1] / 0.01 = $4872.48

8 0
2 years ago
Assume the price of gasoline doubles tonight and remains at that price the next two years. The price elasticity of demand for ga
enyata [817]

Answer:

The correct answer is letter "D": more inelastic.

Explanation:

When its price changes, the supply, and demand for an inelastic good or service are not dramatically impacted. Whether the price of an inelastic product goes up or down, the buying habits of consumers remain roughly the same. <em>Prescription drugs, food, clothing, </em>and <em>gasoline</em> are common examples of inelastic goods.

Thus, <em>if the price of gasoline doubles tonight, that price would be considered more inelastic tomorrow compared to the current price until today than comparing the doubled price during the course of the upcoming two years</em>.

6 0
3 years ago
When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT:
saveliy_v [14]

Answer and Explanation:

b. Previous expenditures associated with a market test to determine the feasibility of the project, provided those costs have been expensed for tax purposes.

3 0
3 years ago
Other questions:
  • Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 and a 9.50% required return. The risk-free rate is 2
    13·1 answer
  • Write a three-paragraph essay describing the value and benefits of using a balanced scorecard for management control. Compare an
    9·1 answer
  • How much was nasa paid to launch west germany's spas-01 satellite in 1983?
    11·1 answer
  • Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales:August 2 10 units w
    11·1 answer
  • The Talbot Corporation makes wheels that it uses in the production of bicycles. Talbot's costs to produce 110,000 wheels annuall
    15·1 answer
  • Disc uses​ activity-based costing. Two of Disc​'s production activities are kitting ​(assembling the raw materials needed for ea
    5·1 answer
  • A man of seemingly modest means died, leaving his nephew as his sole heir. Among the items inherited by the nephew were some old
    9·1 answer
  • When a cereal company introduces a stylish new granola, placing it at eye level on grocery shelves and pricing it higher than th
    13·1 answer
  • According to the OOH, what educational, training, certification, or licensing requirements do Physicians and Surgeons need? Chec
    8·2 answers
  • Imagine that you are a professional in the airline industry and you witness a catering agent leaping between a catering truck an
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!