Answer and Explanation:
The journal entries are shown below:
1. Petty cash $140
To Cash $140
(Being the petty cash fund is established)
2. Postage expenses Dr $49
Merchandise inventory Dr $10
Delivery expenses $12
Miscellaneous expenses $38
To Petty cash A/c $109
(Being the expenses are recorded)
3. Petty cash $50 ($190 - $140)
To Cash $50
(Being the increase of the petty cash fund is recorded)
Only these entries are recorded
Answer:
Commercial bank.
Explanation:
A commercial bank is a financial institution that provides financial services to the public such as offering loan services, accepting deposits, foreign exchange, providing bank accounts. They encourage savings and are good sources of finance to businesses and industry.
Answer:
C. Market value of the inputs a firm uses in production.
Explanation:
Total cost is the summation of all cost incurred by a firm as a result of production. It is also market value of the inputs a firm uses in production.
Total cost refers to the summation of fixed cost, which is a cost that does not vary with the level of out put and variable cost, which varies with the level of output.
When producers manufacture goods, the total cost of production of such goods will be factored in the final price such that the producer is able to earn profit.
