Answer:
September 29, 202x, petty cash fund established
Dr Petty cash fund 330
Cr Cash 330
September 30, 202x, petty cash fund's expenses
Dr Transportation expenses 52
Dr Postage expenses 71
Dr Miscellaneous expenses 147
Dr Cash short and over 14
Cr Petty cash fund 284
September 30, 202x, petty cash fund replenished
Dr Petty cash fund 284
Cr Cash 284
October 1, 202x, petty cash fund is increased
Dr Petty cash fund 55
Cr Cash 55
Answer: $1,195,200
Explanation:
Net sales = $1,440,000
Expenses = $504,000
Reductions = $604,800.
We then calculate the initial mark up which will be the addition of the net sales, expenses and the reduction. This will be:
= $1,440,000 + $504,000 + $604,800
= $1,195,200
Answer:
$172,000
Explanation:
The total warranty expense reported in the current year is $189,000, which is recorded as an increase in warranty expense account.
The amount of $17,000 is recorded as an increase in warranty liability account. It is because this amount is not paid in this year but in subsequent years.
The remaining amount of $172,000, which is equal to $189,000 - $17,000, is the total amount of warranty costs that were paid during the year and is recorded as a decrease in cash account.
The accounting journal entries will be as follow:
Dr Warranty expense $189,000
Cr Warranty Liability $17,000
Cr Cash $172,000
Hi I would go with b or c
