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
dezoksy [38]
3 years ago
11

Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for th

e following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory.Prepare journal entries to establish the fund on January 1.
Business
1 answer:
FrozenT [24]3 years ago
7 0

Answer:

Date                    Explanation             Debit       Credit

January 1            Petty Cash               $200

                           Cash                                          $200

Explanation:

Step 1: Journal Entries to Establish the Fund on January 1

Date                    Explanation             Debit       Credit

January 1            Petty Cash               $200

                           Cash                                          $200

Being the establishment of petty cash fund

Step 2: Preparing Journal Entries to reimburse funds on January 8

Date                    Explanation             Debit       Credit

January 8            Postage                   $74

                            Transportation        $29

                            Delivery                   $16

                            Miscellaneous         $43

                           Cash                                          $162

Being the reimbursement of Petty Cash Fund.

Petty Cash is usually a fund established by an organisation to take care of day to day expenses. At the end of a period or at the exhaustion of the fund, an account is given and then the amount spent is reimbursed.

You might be interested in
Suppose there are three factories in Macroland and the following occurred in 2019: Metal, plastic and a car factory. Metal facto
BARSIC [14]

Answer:

$1120

Explanation:

The computation of the GDP is shown below:

Y = C + I + G + X

Here Y denotes the GDP

C denotes the consumption = $500 - $80 - $20 = $400 and  700 - 50 = $650

I denotes the investment  = $

G denotes the government purchase = $20

X denotes the net exports = $50

So,  

Y = $400 + $650 + 0 + $20 + $50

= $1120

8 0
2 years ago
Which of the following is a business organization owned by a group of people for their mutual benefit?
slava [35]
 A cooperative. <span>A </span>cooperative--<span>a business owned by a group of people to meet mutual (economic, social and cultural needs and aspirations).</span>
4 0
3 years ago
Read 2 more answers
What does CPI stand for and what is it used to measure?​
kolezko [41]

Answer:

Consumer price index; A consumer price index measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households.

5 0
3 years ago
A citation identifies the publication in which a legal authority can be found.​
Snezhnost [94]
<span>True. Citations provide a level of credit to the original author of a source and allow for legal and lawful use of a source. Without citations, the use of other sources to produce a work is considered to be plagiarism, a punishable offense at most Universities and workplaces.</span>
5 0
3 years ago
To ensure efficient, clear, communication, the national incident management system characteristics recommend the use of:
Flauer [41]

management system characteristics recommend the use of:

Technical language

4 0
3 years ago
Read 2 more answers
Other questions:
  • A company in panama pays for a u.s. architect to design a factory building. by itself this transaction
    12·1 answer
  • As part of a major plant renovation project, the industrial engineering department has been asked to balance a revised assembly
    11·1 answer
  • Doss is vice president of marketing research for General Mills. The chefs at General Mills bring three new cookie recipes to Dos
    6·1 answer
  • The more precisely defined the target market is, the _____ the numbers are to estimate.
    9·2 answers
  • Gerrick has an international business but is having difficulty with currency exchanges and fluctuations in the currency exchange
    5·1 answer
  • Juan has an essay due in English en Wednesday and a page of math homework due on Friday how should Juan approach this work
    6·2 answers
  • Ashley bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350 more than the desktop. She
    13·1 answer
  • Hatter Company purchased land, a building, and equipment for $450,000 on January 1, Year 1. The land had an appraised value of $
    10·1 answer
  • On December 31, 2020, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 a
    13·1 answer
  • A consumer values a house at $525,000 and a producer/seller values the same house at $485,000. If the transaction is completed a
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!