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DIA [1.3K]
3 years ago
6

Palmona Co. establishes a $140 petty cash fund on January 1. On January 8, the fund shows $29 in cash along with receipts for th

e following expenditures: postage, $46; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $35. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $190 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Business
1 answer:
Korolek [52]3 years ago
8 0

Answer:

Entries are posted

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

January 1 (Cash fund being recorded in petty cash)

Account                                   Debit         Credit

Petty Cash                              $140

Cash                                                            $140

January 8

Postage                                   $46

transportation-in                     $14

delivery expenses,                  $16

miscellaneous expenses,       $35

Cash                                                               $111

January 8 ( petty cash funds being increased )

Pettcash                                  $50

Cash                                                               $50

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In year 1, the Consumer Price Index was 120 and the average nominal income was $30,000. In year 2, the Consumer Price Index was
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Answer:

Real income has increased by $720 in terms of dollar and 2% in percentage

Explanation:

<em>The real income is determined by adjusting the nominal income for inflation. The consumer price index (CPI) is used to measure the rate of inflation.</em>

R<em>eal income = Nominal income × CPI Base year/ CPI in current year</em>

Real Income =         32000 × 120/125

                                =$30,720

Change Real income

Change in real income ($) = 30,720 - 30,000

                                        = $ 720  

Change in real income (%)  =  (720/30,000) × 100

                                      = 2%

Real income has increased by $720 in terms of dollar and 2% in percentage

                     

3 0
3 years ago
Frank decides that a social media campaign is the best way for him to attract new business to Slice of Life Pizza. After Frank i
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Answer: identify your target audience

Explanation:

Since Frank has identified his strategies and goals, then the next step in the campaign will be to identify the target audience.

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3 years ago
On October 1, 20X1, Paige Turner Publishing received $55,200 in cash for monthly subscriptions covering one year, recording the
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Answer:

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Explanation:

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Which is NOT a first degree misdemeanor for a licensee if found guilty? The publishing of false or misleading information The un
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Answer:

1. The unlawful collection of an advance fee for listing real property

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Explanation:

Considering the available options, the ones that are NOT a first-degree misdemeanor for a licensee if found guilty are:

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2. Acting as a broker or sales associate without holding an active, current license.

This is because a first-degree misdemeanor is considered to be a result of "rental information violations."

And considering the available options, The publishing of false or misleading information and Failing to provide accurate and current rental information for a fee, falls within the misdemeanor charges.

3 0
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The Making Ethical Decisions box "Good Finance or Bad Medicine" has an important message for managers who make financial decisio
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Answer:

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