Answer:
(a) January 1
Dr Petty cash $200
Cr Cash $200
B. January
Dr Phone Expense $17.50
Dr Automobile Expense 33
Dr Joseph Levine, Drawing 56
Dr Postage Expense 12.50
Dr Charitable Contributions Expense 15
Dr Miscellaneous Expense 49
Cr Petty cash 183
January 31
Dr Petty cash $183
Cr Cash $183
Explanation:
(a) Preparation of the journal entry to establish a petty cash fund
January 1
Dr Petty cash $200
Cr Cash $200
b. Preparation of the journal entry to replenish the petty cash fund.
January
Dr Phone Expense $17.50
Dr Automobile Expense 33
Dr Joseph Levine, Drawing 56
Dr Postage Expense 12.50
Dr Charitable Contributions Expense 15
Dr Miscellaneous Expense 49
Cr Petty cash 183
($17.50+33+56+12.50+15+49)
January 31
Dr Petty cash $183
Cr Cash $183
($17.50+33+56+12.50+15+49)
Answer:
A) The firm can ratify Haskin's actions and take over the contract.
Explanation:
Hanskin's was not explicitely allowed to buy the property in Arizona, but he did it with the intention of increasing the amount of assets that the real estate company holds.
The board of directors should simply take over the contract as long as it is profitable (it most likely is), and analyze whether to change its policies about property purchasing or not, because requiring a board resolution for each one of them can make the process slow and increase opportunity costs.
Answer:
china
Explanation:
if your traveling to china on business do not discuss business during meals .
Answer:
$30,000
Explanation:
A supplemental disclosure of cash flow information requires that all the cash paid in interest during the period must be disclosed.
In Ash's case:
beginning balance interest payable account $15,000
+ interest expense during the year $20,000
<u>- ending balance interest payable account ($5,000) </u>
supplemental disclosure = $30,000
Answer:
<em>The price of peanuts would increase in Malaysia.</em>
Explanation:
Almost all countries of the world are involved in building trade relationships because not every crop or product can be grown in a single company.
A country rich in an item tends to export the extra amounts of that particular product. In exchange, it might import other products which have a short production rate in its own countries.
<u><em> But as we all know, the prices of the imported items are often higher as compared to the local products of a country.</em></u>
Hence, in the scenario mentioned in the question, it is most likely that Malaysia will increase its prices of peanuts imported from United States.
