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
Sholpan [36]
3 years ago
12

At the time a $450 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of

$100. The vouchers include: postage, $90; business lunches, $135; delivery fees, $80; and office supplies, $45. Which of the following is not recorded when recognizing expenditures from the petty cash fund?a. Debit petty cash, $350b. Debit supplies, $45c. Debit postage expense, $90d. Credit petty cash, $350
Business
1 answer:
Anton [14]3 years ago
5 0

Answer:

The entry that should not be recorded is debit petty cash, $300 . Option A.

Explanation:

Vouchers recorded for expenses:

Postage

Business lunches

Delivery fees

Office supplies

The journal entry when recognizing expenditures from the petty cash fund should be as under:

Accounts :                                       Credit                 Debit

Postage                                             $ 90

Business lunches                             $ 135

Delivery fees                                    $ 80

Office supplies                                 $ 45

Petty Cash                                                                   $350                            

The entry that should not be recorded is debit petty cash, $300

You might be interested in
Which of the following is an example of representative money?
Leto [7]
"Representative money<span> is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco" Google.

</span>C) A check. 

5 0
3 years ago
Read 2 more answers
Suppose you win on a scratch‑off lottery ticket and you decide to put all of your $3,500 winnings in the bank. The reserve req
Semenov [28]

Answer:

35000

A, d

Explanation:

Reserve requirement is the portion of deposit received by banks that the central bank requires to be kept as deposit.

If $3500 is deposited and reserve requirement is 10%

reserves would increase by $3500 x 0.10 = $350

Increase in the total value of checkable deposit is determined by the money multiplier

Money multiplier = amount deposited / reserve requirement

3500 / 0.1 = 35000

If the banks keep excess reserves, the amount of money available to be loaned out would reduce and this would reduce the increase in money supply.

Also, if individuals keep the money at home, it would reduce the amount of money that can be loaned out by banks

7 0
2 years ago
Which of the following are the fastest growing forms of marketing?
Sever21 [200]

Answer: the answer is a

Explanation:

3 0
2 years ago
Read 2 more answers
For fixed-rate bonds it's important to realize that the value of the bond has a(n)-Select relationship to the level of interest
pogonyaev

Answer:

Answer is explained in the explanation section below.

Explanation:

It's necessary to remember that the value of fixed-rate bonds is inversely proportional to the level of interest rates. The value of the bond decreases as interest rates rise; moreover, the value of the bond rises as interest rates fall. A Bond with a lower coupon sells for less than its face value. When the going rate of interest is higher than the coupon rate, this condition arises. The value of the asset would increase over time. A higher coupon bond is one that sells for a higher price than its face value. When the going rate of interest is lower than the coupon rate, this condition arises. Its value will gradually decrease until it reaches its maturity value. A par value bond that sells at par, with a coupon rate equal to the current interest rate. The coupon is usually set at the going market rate on the day the bond is sold, so it sells at par at first.

Calculations:

C = Coupon Payments = $60 (Par Value x Coupon Rate)

n = number of years = 10

i = market rate or required yield = 7% = 0.007

K = number of coupon payments in 1 year = 1

P = value at maturity or par value = 1000

Present value of ordinary annuity formula:

Bond Price = C/k * [\frac{1 - \frac{1}{(1 + \frac{i}{k})^{nk}  } }{\frac{i}{k} } ] + \frac{P}{(1 + \frac{i}{k})^{nk}  }

Just plug in the values and you will get:

Bond Price = 60 x 7.02 + 508.35

Bond Price = 421.41 508.35

Bond Price = $929.76

Similarly,

Data:

C = Coupon Payments = $60 (Par Value x Coupon Rate)

n = number of years = 10

i = market rate or required yield = 7% = 0.007

K = number of coupon payments in 1 year = 2

P = value at maturity or par value = 1000

Present value of ordinary annuity formula:  

Bond Price = C/k * [\frac{1 - \frac{1}{(1 + \frac{i}{k})^{nk}  } }{\frac{i}{k} } ] + \frac{P}{(1 + \frac{i}{k})^{nk}  }

Just plug in the values and you will get:  

Bond Price = 30 x 14.21 + 502.57

Bond Price = 426.37 + 502.57

Bond Price = $928.94

8 0
3 years ago
Consider the following statement: ''Real GDP is currently $17.7 trillion, and potential real GDP is $17.4 trillion. If Congress
Elena L [17]

Answer:

C. more than $300 billion.

Explanation:

As it is given that

Decrease in government purchase by $300 billion

Tax increased by $300 billion

Based on this we can interpret that if there is a more decrease in gross domestic product which leads to the decrease in government expenditure or the government tax is increased is because of multiplier effect as it shows the positive relationship between the spending and the final income

Therefore, the third option is correct

Hence, the above statement is false

6 0
3 years ago
Other questions:
  • Albert has been found guilty of shoplifting. Though the court has sentenced him for a year in jail, he has been allowed to compl
    13·1 answer
  • Condelezza Co. manufactures two products, A and B, in two production departments, Assembly and Finishing. Condelezza Co. expects
    15·1 answer
  • Goschan Bank is a multinational bank. The employees from the bank's branches in underdeveloped countries are not given higher po
    6·1 answer
  • What are also known as restrictive covenants or Covenants, Conditions and Restrictions and are constraints that run with the lan
    14·1 answer
  • Upon examination of his mortgage document, Jared finds a clause stating he will owe additional interest if he pays off his loan
    13·1 answer
  • What happens to the cost of foreign goods when the dollar is strong?
    10·2 answers
  • Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers
    15·1 answer
  • A person making application, for themselves or another, to be insured under an insurance policy is called the:
    5·1 answer
  • g The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The ci
    9·1 answer
  • A(n)_____ manages your email, calendar, contacts, and tasks, and includes the ability to share calendars and schedule meetings.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!