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Nitella [24]
2 years ago
6

Items held for sale in the normal course of business are referred to as

Business
1 answer:
klio [65]2 years ago
3 0
On line sales for delivering to online customers
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Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1
topjm [15]

Answer:

Following are the journal entries for Setterstrom Company;

<u>May 01</u>

Debit: Petty cash  = $100.00

Credit: Cash = $100.00

<u>Jun 01 </u>

Debit: Delivery Expense  = $31.25

Debit: Postage Expense  = $39.00

Debit: Miscellaneous Expense  = $25.00

Debit: Cash over/short (Balance amount)  = $3.00

Credit: Petty Cash ($100 - $1.75)  = $98.25

<u>Jul 01</u>

Debit: Delivery expense  = $21.00

Debit: Entertainment expense = $51.00

Debit: Miscellaneous expense = $24.75

Credit: Petty Cash ($100 - $3.25) =  $96.75

<u>Jul 10 </u>

Debit: Petty cash  = $30.00

Credit: Cash = $30.00

8 0
3 years ago
Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores fro
Alisiya [41]

Answer:

$199,541.51

Explanation:

5 0
3 years ago
Adieu Enterprises, based in Toronto, decides to expand into the South American market. To do so, it establishes a separate opera
Ilia_Sergeevich [38]

Answer:

The statement is: True.

Explanation:

A wholly-owned subsidiary is a corporation with a common stock owned by another company at one hundred percent (100%). When a company owns less than fifty percent (50%) of another company, the company holds a minority interest in it. The parent company will control all development, management, and profits with a wholly-owned subsidiary but it also shares costs and responsibilities.

8 0
3 years ago
EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $312 in cash along with receipts for the follow
fredd [130]

EcoMart establishes General Journal

May 2

Dr Petty cash 1050

Cr Cash 1050

May 30

Dr Merchandise inventory 120

Dr Postage expense 359

Dr Miscellaneous expenses 240

Dr Cash short and over 9

Cr Cash728

June 1

Dr Petty cash 150

Cr Cash 150

Workings:

May 30,Merchandise inventory 120+ Postage expense 359+ Miscellaneous expenses 240+ Cash short and over 9 = $728

June 1

1050-1200= 150

7 0
3 years ago
Allison's Auto Art is a company that applios pinstripes to vehicles. Allison's cost for a basic 1 -color pinstriping job is $35,
valkas [14]

Answer:

C. yes, she still makes a profit by selling the 3-color application.

Explanation:

As for the information provided,

Cost for 1 color pin striping job = $35

Cost for three color pin striping job accordingly = $35 \times 3 = $105

Price charged for pin striping is as follows:

For 1 color = $95

For 3 colors = $175

Even on 3 color striping there is a profit of $70, thus, it should be sold.

As there is no loss, although the profit margin is decreased as a percentage of cost when compare to margin on 1 color pin striping.

Thus, correct option is Statement C.  

3 0
3 years ago
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