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Fantom [35]
3 years ago
6

Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for t

he following expenditures: postage, $43; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory.
1. Prepare journal entry to (1) establish the fund on January 1.
2. Prepare journal entry to re-imburse it on January 8.
3. Prepare journal entries to both re-imburse the fund and increase it to $300 on January 8, assuming no entry in part 2.
Business
1 answer:
natima [27]3 years ago
3 0

Answer: Please see answer in explanatory column

Explanation:

1) Journal entry to establish the fund on January 1st.

Account                    Debit                      Credit

Petty Cash                $250

Cash                                                            $250

2) journal entry to record re-imbursement   on January 8.

Account                                 Debit                    Credit

Postage expense                $43

Merchandised inventory     $14

Delivery Expense                 $16

miscellaneous expenses,   $32

Cash                                                                    $105

3) journal entries to record reimbursement of  the fund and increment to $300 on January 8

Account                    Debit                      Credit

Petty Cash                $150

Cash                                                           $150

Petty cash increasing to $300, therefore the increased amount

$300- $250= $150

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Answer:

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Explanation:

given data

Mexico’s cost producing 1 unit of food = 3 units of clothing

US cost producing 1 unit of food = 0.5 units of clothing

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to find out

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solution

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so here United States will produce food and Mexico will produce cloth

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8 0
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4 0
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Answer:Flint corporation journal $

Date

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Shares can be issued at par, premium or discount. When it's issued at it's nominal value it's said to be issued at par, when it's issued above it's nominal value it's said to be issued at a premium and when it's issued below par it's said to issued at a discount.

4 0
2 years ago
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