Answer:
Please refer to the below for Journal entries
Explanation:
The journal entries are seen below
1. Cash A/c Dr $58,523
Discount on bond payable A/c Cr $4,477
To bonds payable A/c Cr $63,000
(Being the issuance of bond that is recorded)
2. Interest expense A/c Dr $2,048
To discount payable A/c Cr $158
To cash A/c Cr $1,890
(Being the first interest payment that is recorded)
Note:
Interest expense
= $58,523 × 7% × 6 months ÷ 12
= $2,048
Cash
= $63,000 × 6% × 6 months ÷ 12
= $1,890
Answer: Appropriate expense account are debited
Explanation:
Here is the complete question:
When reimbursing the petty cash fund:
a. Cash is debited.
b. Petty Cash is credited.
c. Petty Cash is debited.
d. Appropriate expense accounts are debited.
e. No expenses are recorded
Petty cash funds are simply the little funds that is used by an organization or company to settle its minor expenses. Examples include expenses on postage stamp or snacks during meetings.
It should be noted that when reimbursing the petty cash fund, the appropriate expense account has to be debited.
Answer:
a. $3.50
b. 3.60 Pounds
c. $12.60
Explanation:
a. The computation of Standard direct materials price per pound of raw materials is shown below:-
Standard direct materials price per Pound of raw materials = Net purchase price + freight-in + receiving and handling
= $2.40 + $0.80 + $0.30
= $3.50
b. The computation of Standard direct materials quantity per gallon is shown below:-
Standard direct materials quantity per gallon = Required materials + Allowance for waste and spoilage
= 3.10 + 0.50
= 3.60 Pounds
c. The computation of Total standard materials cost per gallon is shown below:-
Total standard materials cost per gallon = Standard Direct materials price per Pound of raw materials × Standard Direct materials quantity per gallon
= $3.50 × 3.60
= $12.60
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