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
SSSSS [86.1K]
3 years ago
13

Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.55 that is immediately used.

9 Paid $30.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.55 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $71 for mileage on her car. 20 Purchased office paper for $66.77 that is immediately used. 23 Paid a courier $16 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.90 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $57 for postage expenses. 28 The fund had $23.61 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $140 to a total of $490. Required: 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount.
Business
1 answer:
Nataly [62]3 years ago
7 0

Answer:(1) Dr: petty cash $350, Cr: Cash $350, (2) Total delivery expense $16, Total Milleage expense $71, Total postage expense $65.55, Total merchandise inventory( Transportation -in) $42.4, Total office supplies $81.32, Petty Cash Balance $204.67 (3) a) Dr : Expenses $326.29, Cr : Cash $326.39 (b) Dr: petty cash $490, Cr: Cash $490

Explanation:

Journal entry to establish the petty cash fund

Dr : petty cash $350

Cr: : Cash $350

Journal entry to record the reimbursement

Dr : Expenses $326.39

Cr: Cash $326.39

Journal entry to record the increase in fund amount

Dr:petty cash $490

Cr: cash $490

Total delivery expenses $16

Total mileage expenses $71

Total postage expenses $65.55

Total merchandise inventory (Transportation -in) $42.4

Total office supplies $81.32

Amount received for reimbursement $326.39

Petty Cash Balance $204.67

You might be interested in
Sosa Diet Supplements had earnings after taxes of $1,170,000 in 20X1 with 347,000 shares of stock outstanding. On January 1, 20X
Sphinxa [80]

Answer:

A. $3.37

B. $3.41

Explanation:

A.Computation for earnings per share for the year 20X1

20X1 Earnings per share= $1,170,000/347,000

20X1 Earnings per share= $3.37

Therefore earnings per share for the year 20X1 will be $3.37

B. Computation for earnings per share for the year 20X2.

First step is to calculate the Earnings available to common stockholders

Earnings available to common stockholders = $1,170,000x (1+.31 )

Earnings available to common stockholders = $1,170,000x 1.31

Earnings available to common stockholders = = $1,532,700

Second step is to calculate the Common shares outstanding

Common shares outstanding = 347,000 + 103,000

Common shares outstanding = 450,000

Now let calculate the earnings per share for the year 20X2

20X2 Earnings per share=$1,532,700/450,000

20X2 Earnings per share = $3.41

Therefore earnings per share for the year 20X2 will be $3.41

8 0
2 years ago
Which of the following cooking methods would produce food with a smoky, slightly charred flavor? A. Saut ing B. Grilling C. Roas
netineya [11]

Answer:

B

Explanation:

Grilling is the cooking method that would produce food with a smoky, slightly charred flavor.

8 0
2 years ago
Identify the form of communication in which an individual both speaks up for their rights and also takes others' rights and feel
Marysya12 [62]
A. Assertive Communication
5 0
3 years ago
The balance sheet identifies the productive resources (assets) that a firm uses to generate income, as well as the sources of fu
docker41 [41]

Answer:

A) True

Explanation:

The Balance Sheet is a snapshot of the financial situation of a company at the end of the accountable period. It shows which productive resources (assets) the company has for the development of its activities and how they are financed. Assets can be financed by external (Obligation with creditors – Liabilities) or internal sources (Issuing equity shares - Shareholders' equity). As every Asset must be financed either or both with Liabilities or Shareholders' equity, in the Balance Sheet, the accountable equation is represented.

5 0
2 years ago
What is a product's life cycle?
valentina_108 [34]
Or think about it it’s easy
8 0
3 years ago
Other questions:
  • If the actual terms of trade are 1 belt for 1.5 swords and 70 belts are traded, how many belts will Morocco gain compared to the
    13·1 answer
  • Which statement is true?A) From a legal perspective, preferred stock is a form of corporate equityB) All classes of stock must h
    6·1 answer
  • Paxson began 2014 with an inventory T-account debit balance of $22,000. In 2014, its inventory purchases amounted to $42,000, an
    7·1 answer
  • What is operating leverage, and how does it affect a firm's business risk?a. Show the operating break-even point if a company ha
    12·1 answer
  • Maricela writes slowly. When preparing a first draft, she spends a good deal of time formatting and choosing the correct font. M
    10·1 answer
  • The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2016. The wages are sep
    15·1 answer
  • Time deposits, bonds, securities,
    12·1 answer
  • In response to a tax cut, the consumption of a consumer who is borrowing constrained _____, whereas the consumption of a forward
    12·1 answer
  • Who are the persons that might help you to establish your business?​
    9·1 answer
  • when a company provides superior value by leading its industry in price and convenience, it has obtained .
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!