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Alecsey [184]
3 years ago
12

Jose deposits a $400 check in College Bank. The reserve requirement is 20%. Required reserves are $_____. Please choose the corr

ect answer from the following choices, and then select the submit answer button. Answer choices 80 320 400 480
Business
1 answer:
Kobotan [32]3 years ago
4 0

Answer:

80

Explanation:

As for the required reserve balance the information is provided as follows:

Total amount deposited by Jose = $400

Provided the reserve balance = 20%

Therefore, reserve balance from this payment = $400 \times 20% = $80.

As it is not specified clearly, that this $400 is inclusive or exclusive of the reserve balance, it is assumed that reserve will be created out of such balance.

Therefore, reserve maintained from this $400 = $80 and the rest $400 - $80 = $320 will be usable freely, without any restrictions.

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Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $2,200

  To Service revenue $2,200

(Being cash is received)

Since the cash is received so we debited the cash account and credited the service revenue account as the service is completed which create an income for the business organization.

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4 years ago
Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $193 in cash along with recei
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Answer:

petty cash fund    440 debit

         cash                           440 credit

--stablishment of the fund--

freight-in                           46 debit

postage expenses           78 debit

miscellaneous expenses 111 debit

cash shortage loss            12 debit

                   Cash                               247 credit

--reimbursement of the fund--

petty cash fund      50 debit

                    Cash                     50 credit

--incerase of the fund to 490--

Explanation:

The petty fund will be stablish using cash, so we decrease cash and create the petty fund.

Then, the expenditures will be against cash, so we don't have to use the petty fund account.

Lastly, to increase the fund we take from the cash account the 50 dollars increase.

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_____________, fill in the blank, requires that sales associates be friendly, knowledgeable, and helpful.
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It should be noted that Personal selling requires that sales associates be friendly, knowledgeable, and helpful.

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