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
Julli [10]
3 years ago
14

Almona Co. establishes a $140 petty cash fund on January 1. On January 8, the fund shows $31 in cash along with receipts for the

following expenditures: postage, $47; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $36. Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare journal entries to establish the fund on January 1.
Prepare journal entry to reimburse the petty cash fund on January 8.
Prepare journal entries to both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2.
Business
1 answer:
Harrizon [31]3 years ago
5 0

Answer and Explanation:

The Journal entries are as follows:

On January 1

Petty cash    Dr. $140

       To cash                               $140

(Being the petty cash fund is recorded)

On January 8

Postage expense                Dr. $47

Merchandise inventory         Dr. $12

Delivery expense               Dr. $14

Miscellaneous expenses     Dr. $36

           To Cash                                                      $109

(Being the reimbursement of the petty cash fund is recorded)

On January 8

Petty cash     Dr. $450

             To cash                               $450

(being the increase in petty cash fund is recorded)

Only these three entries are recorded

You might be interested in
A major goal of integrated marketing communications is to send a consistent message to _____.
Firlakuza [10]

Answer:

Customers

Explanation:

The goal of integrated marketing communications is to revamp the traditional marketing approach by encouraging cohesion and synchronicity among the various modes of communication used by businesses to reach consumers/customers.

4 0
3 years ago
Silvia Company acquires a 30% interest in Small Company. The fair value of Small's inventory exceeds its carrying value by $100,
beks73 [17]

Answer:

The revenue that the investment in the company would increase by $100,000.

Explanation:

Though the International Accounting Standard IAS 2 Inventories says that the inventory must be recorded at lower of:

  • Cost
  • Net Realizable Value (Fair Value less Cost to Sell)

This means though the Net realizable value increases but the cost remains the lower. This means their must not be any changes made to inventory account.

The profit earned from the increase in inventory value will be reflected in the income which will increase the net worth of the investment. So the increase in investment revenue would be by $100,000.

7 0
3 years ago
why might a mutual fund be a better investment than individual stock and bonds a mutual fund guarantees dividends be stocks are
borishaifa [10]

Answer:

The correct answer would be option C, The risk is diversified with a mutual Fund.

Explanation:

Mutual funds is a pool of funds from different people. This pool of fund is invested in different securities. These securities can be stocks, bonds, treasury bills, etc. In this way the risk is diversified. When you invest money with the money of other people, the pool of money or funds will minimize the risk associated with investing a single person's money in any security. Secondly, the mutual funds are managed by professionals who are expert in the field of managing funds. They better know when and how much funds to liquidate and at what time.

7 0
2 years ago
Follow = Multiple thanks ​
Liono4ka [1.6K]

Welcome welcome welcome

6 0
3 years ago
Two best friends, Thelma and Louise, are making long-range plans for a road trip vacation to Mexico. They will embark on this ad
chubhunter [2.5K]

Answer:

Bond Price​= $1,081.1

Explanation:

Giving the following formula:

Face value= $1,000

Number of periods= 5*2= 10 semesters

Coupon= (0.1/2)*1,000= $50

YTM= 0.08/2= 0.04

<u>To calculate the price of the bond, we need to use the following formula:</u>

<u></u>

Bond Price​= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]

Bond Price​= 50*{[1 - (1.04^-10)] / 0.04} + [1,000 / (1.04^10)]

Bond Price​= 405.54 + 675.56

Bond Price​= $1,081.1

5 0
2 years ago
Other questions:
  • At what stage of the creative process does a director work to create a metaphor for a production?
    12·1 answer
  • Which principle of a CSR implies that a business must answer for his actions, not only to its owners in stakeholders, but also t
    9·2 answers
  • This is a match question im offering 25 points too cuz ik ppl don't really like this kind but bear with me!
    12·1 answer
  • Mr. Noriega paid $700 for each of three suits. Since all of the suits were pleasing to his taste, he would have been willing to
    7·1 answer
  • The markets for movie theater tickets and video cassette rentals are highly interdependent. Suppose that a tax is imposed on mov
    13·1 answer
  • Given the following information, determine net income. The retained earnings balance on January 1, 2018, equals $58,000; dividen
    15·1 answer
  • Eliminating the Drafty product line would eliminate $45,000 of direct fixed costs. The $78,000 of common fixed costs would be re
    10·1 answer
  • Which of the following is NOT part of a typical resume?
    6·1 answer
  • n spreadsheet programs, labels and constant values are always copied exactly to the new location; what happens to formulas when
    10·1 answer
  • When funds are borrowed to pay for construction of assets that qualify for capitalization of interest, the excess funds not need
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!