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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

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In the given case, James tried to persuade his clients by showing that he belongs to the high class of the society and maintains a high status. He did so by wearing the expensive clothes. Such persuation will result in perception that James is hardworking and trusted.

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Constant cost industries:
adoni [48]

Answer:

The correct answer to the following question will be Option C.

Explanation:

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7 0
4 years ago
Assume that you will be opening a savings account today by depositing $100,000. The savings account pays 5 percent compound annu
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Explanation:

100,000x5%= 5000

5000x4 years= 20,000x5%= 1000

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7 0
2 years ago
Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $ 8 to $ 15 , and he decides to stop ea
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Answer:

-3.28

Explanation:

Given that,

Initial quantity, Q1 = 2

Final quantity, Q2 = 0

Change in quantity = Q2 - Q1

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Initial income, M1 = $8

Final income, M2 = $15

Change in Income = M2 - M1

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Average quantity:

= (2 + 0) ÷ 2

= 1

Average income:

= (15 + 8) ÷ 2

= 11.5

Therefore,

Percentage change in quantity demanded:

= (Change in quantity demanded ÷ Average quantity) × 100

= (-2 ÷ 1) × 100

= -200%

Percentage change in income:

= (Change in income ÷ Average income) × 100

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Income elasticity of demand:

= Percentage change in quantity demanded ÷ Percentage change in income

= -200 ÷ 60.87

= -3.28

7 0
3 years ago
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