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spayn [35]
3 years ago
8

ournalize the entries to record the following: June 1 Established a petty cash fund of $200. 30 The amount of cash in the petty

cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20. Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank.
Business
1 answer:
Keith_Richards [23]3 years ago
8 0

Answer:

The journal entries are as follows:

(i) On June 1,

Petty cash A/c    Dr. $200

To cash                                 $200

(To record petty cash established)

(ii) On June 30,

Postage A/c             Dr. $25

Entertainment A/c   Dr. $100

Miscellaneous A/c   Dr. $20

To cash short and over A/c                 $2

To cash ($200 - $57)                           $143

(To record cash replenishment)                      

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3 years ago
Analyzing Adjusting Journal Entries, Prepaid Asset and Deferred Revenue Voss Inc., an accounting firm, adjusts and closes its ac
Gennadij [26K]

Answer:

a. Case A-the $1,125 was debited to Supplies Expense. What is the balance of Supplies at year-end?

The previous balance was Supplies $225

If the following was made:

Dr Supplies expense 1,125

    Cr Supplies 1,125

Then the ending balance of Supplies would be = -$900

b. Case B the $1,125 was debited to supplies. What is the balance of Supplies at year-end?

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If the following was made:

Dr Supplies 1,125

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Explanation:

During the current year, supplies were purchased for $1,125 cash. The inventory of supplies at the prior year-end was $225.

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Dr Supplies expense 990

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econ The presence of secondary markets ______________ the interest rates that firms have to pay on bonds issued by them.
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decrease

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3 0
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Explanation:

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