1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vlada [557]
3 years ago
13

Pelcher Co. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date repr

esent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. The journal entry to replenish the fund on January 31 is:a.Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr.Petty cash, $324.b.Dr.Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Cash, $324c.Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr.Petty cash, $316.d.Dr.Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316.e.Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr.Cash over and short, $4; Cr.Petty cash, $400.
Business
2 answers:
vichka [17]3 years ago
6 0

Answer:

Dr.Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316

Explanation:

The journal entries are shown below:

1. Petty cash A/c Dr $400

       To Cash A/c              $400

(Being petty cash fund established)

2. Office supplies A/c Dr $110

   Merchandise inventory A/c Dr $140

   Miscellaneous expense A/c Dr $70

                                            To Cash over and short A/c Dr $4  

                                            To Cash A/c Dr $316

(Being disbursement of cash recorded)

Rudik [331]3 years ago
3 0

Cash = $ 400

Office Supplies = $ 110

Merchandise inventory = $ 140

Other costs = $ 70

Remaining money = $ 4

What is the amount of cash before charging?

Answer = $ 400

<h2>Further explanation </h2>

Before Pelcher Co. refill the funds, the cash fund initially was $ 400. And after filling the total funds to $ 720 (including office supplies, merchandise inventory, and other costs). Then the funds that have been filled have an excess of cash of $ 4, then the total funds filled are $ 324 (office supplies + merchandise inventory + other costs + remaining money).

Cash is part of the assets arranged in the balance sheet which is located at the top. Because cash is a company's current assets that are ready to be liquidated at any time (liquid). Cash consists of coins, banknotes, checks, demand deposits and money in hand or money in the bank.

<h3>Kinds of Cash :</h3>

Petty Cash.

Petty cash is part of cash, that is, cash that is provided by companies to pay expenses that are relatively small and not economical when paid by check or demand deposit.

Cash in the Bank

Bank Cash is the amount of cash held at a bank that can be withdrawn at any time. Bank cash is money that a company holds in a bank.

Big Cash

Big cash is cash of large value companies that are deposited in banks. So this big cash is a relatively large amount of company money, this big cash is also stored in the bank.

learn more

definition of companies cash brainly.com/question/13813008

remaining cash brainly.com/question/14019383

details

class: high school

subject: business

keywords: cash, supplies, cost

You might be interested in
Why is it important to protect your privacy while conducting an online job search?
german
So someone doesn't steal your identity
4 0
3 years ago
Read 2 more answers
Which statement describes an opportunity cost that could result from the government regulating businesses?
nikklg [1K]
The best answer is C) Government regulations can lead to an increase in production costs.

One opportunity cost of government regulation is the fact that government regulation often causes companies to change their production in ways that make it less efficient and more costly, although the idea that the benefits to society outweigh these costs.
<span>
A) is not negative and not necessarily an effect of regulation
B) is not negative</span>
5 0
3 years ago
Sun City issues $50 million of bonds on January 1, 2021 that pay interest semiannually on June 30 and December 31. A Portion of
inna [77]

Answer:

1. Bonds are issued at a premium.

2. $55,338,768.

3. $50,000,000

4. 8%

5. 7%

6. $74,661,232

Explanation:

The well arranged table is as below for clarity:

Date              Cash Paid   Interest     Decrease in      Carrying Value

                                          Expense  Carrying Value

01/01/2021                                                                       $55,338,768

06/30/2021 $2,000,000 $1,936,857      $63,143          55,275,625

12/31/2021   2,000,000      1,936,857      65,353            55,210,272

1. Face Value of Bonds = $50,000,000

Issue Value of Bonds = $55,338,768

Issue value of bonds is higher than its face amount; therefore, bonds are issued at a premium.

2. Original issue value of bonds is $55,338,768.

3. Face amount of the bonds is $50,000,000.

4.   Semiannual interest rate = Cash paid / Face value of bonds

Stated semiannual interest rate = $2,000,000 / $50,000,000  = 0.04 =4%

Stated annual interest rate = 4%  × 2 = 8%

The stated annual interest rate is 8%

5. Market semiannual interest rate = Interest expense on 6/30/21 / Carrying value on 1/1/2021

Market semiannual interest rate = $1,936,857 / $55,338,768

Market semiannual interest rate = 0.035 = 3.50%

Market annual interest rate = 2 × Market semiannual interest rate

Market annual interest rate = 2 × 0.035 = 7%

The market annual interest rate is 7%

6. Tenure of bonds = 20 years

Number of semiannual payment = 2 * Life of bonds  = 2×20 = 40

Total cash paid = Number of semiannual payment × Semiannual interest payment + Maturity value of bonds

Total cash paid = 40 × $2,000,000 + $50,000,000

Total cash paid = $130,000,000

Total cash paid for interest = Total cash paid - Issue value of bonds

Total cash paid for interest = $130,000,000 - $55,338,768

Total cash paid for interest = $74,661,232

The total cash paid for interest assuming the bonds mature in 20 years is $74,661,232.

6 0
3 years ago
PLEASE HELP ASAP 10 min left
Illusion [34]

Answer: B.

Explanation:

5 0
2 years ago
When an organization operates several businesses to spread the risk, such as a landscaping company that offers not only landscap
sertanlavr [38]

Answer:

nevative correlation strategy

8 0
3 years ago
Other questions:
  • Which best describes how theoretical probability is determined?
    9·2 answers
  • Suppose i decide to divide students up in their respective majors in the college of business. i then ask 40 students from each m
    11·1 answer
  • To be effective as a successful general manager of a hotel, the manager should exhibit all of the following traits except: Group
    7·1 answer
  • As it turns out, Brian and Sondra's good fortune with the restaurant has caused their competitors to lose business. In fact, Caj
    5·1 answer
  • How does relationship marketing affect service customers?a) It reduces the need for interaction between them and the service pro
    5·1 answer
  • A company with a completely fixed cost structure will have operating leverage of 1.a. Trueb. False
    6·1 answer
  • The employees of Pi's Pizza, a local pizza restaurant, feel that the owners and managers really try to follow the ethical polici
    15·1 answer
  • JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative
    10·1 answer
  • In 1999, the Federal Trade Commission allowed Exxon and Mobil to merge. At the time, Exxon and Mobil were the top two firms in t
    14·1 answer
  • Aneko is a media buyer with simantel, an advertising agency. Aneko typically purchases radio and television commercial time slot
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!