Answer:
Mogul will report Inventory of $26000
Explanation:
The consignment accounting states that any inventory sent on consignment by the consignor to the consignee belongs to the consignor until it is sold by the consignee. Mogu; company sent inventory costing 110000 and out of this only 84000 is sold. The remaining inventory still belongs to the consignor and the amount of this inventory is 110000 - 84000 = $26000
Answer with its Explanation:
Journal entries required:
(a). To record establishment of the fund
When the petty cash fund was set up the entry was increase in petty cash and decrease in cash balance of the company which is increase in one asset (Petty cash asset) and decrease in other asset (cash asset).
Dr Petty cash $150
Cr Cash $150
(b). Reimbursement of the fund at the end of the current period.
The entry of spending of money on entertainment $70, postage $30 and printing $22 are all expenses incurred which is increase in expense and increase in the expenses are debited. The cash is paid here which means that the cash asset is decreased which must be credited.
Dr Entertainment expenses $70
Dr Postage expense $30
Dr Printing Expense $22
Cr Petty cash $122
<span>The manager of a fast food franchise will establish o</span>perational plans in regard to how many hamburgers to cook each hour.
Its B:inquire about the time,place,and space of the presentation.
