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pickupchik [31]
3 years ago
5

The petty cash fund has a current balance of​ $200. based on activity in the​ fund, it is determined that the balance needs to b

e changed to​ $400. which journal entry is needed to make this​ change?
Business
2 answers:
Arada [10]3 years ago
4 0

Answer:

Debit the petty cash account with $200 and credit the cash account also with the same amount (i.e. $200).

Explanation:

A petty cash fund refers to a small amount of money or cash that is set aside to meet minor expenses like stationery expenses and other office supplies.

From the question, the additional amount needed to change the current balance of $200 to a new of $400 is the difference between the two which $200 (i.e. $400 - $200 = $200).

The journal entry for recording the additional $200 is to debit the petty cash account with $200 and credit the cash account with the same amount as follows:

                                                                    DR ($)                 CR ($)

Petty cash account                                      200

Cash account                                                                          200

<em>Being an amount transferred to increase petty cash fund to $400.</em>

notka56 [123]3 years ago
3 0

Cash account will change

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Answer:

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or in other way to express it: a cashoutflow for $110,000

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Initial net cahs outflow

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As these are cost they are negative so we have a cashouflow

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4 0
3 years ago
If you wanted to add up the total economic assets owned by a person or family minus all debts, you would be measuring __________
irga5000 [103]

If you wanted to add up the total economic assets owned by a person or family minus all debts, you would be measuring wealth. Wealth is the total value of all valuable assets owned by an individual, community, business, or country. Wealth is calculated by deducting all debts from the total market value of all physical and intangible assets owned.

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8 0
1 year ago
Halliford Corporation expects to have earnings this coming year of $3/share. Halliford plans to retain all of its earnings for t
jeka57 [31]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

6 0
3 years ago
Suppose Nippon Technology had the following results related to cash flows for 2020: Net Income of $8,400,000 Adjustments from Op
Flauer [41]

Answer:

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Explanation:

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Net cash flow from Operating Activities (I)                    $7,100,000

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4 0
3 years ago
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maria [59]

Answer:

some goods aren't internationally traded

Explanation:

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It is used to measure and compare prices at different locations.

The purchasing power does not hold good in the short to the medium run as different countries produces different goods and as such all the goods are not internally traded all over the locations or countries.

8 0
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