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MArishka [77]
3 years ago
5

The Appleton entity established a $200 Petty Cash fund on June 1, 200X. On June 30, 200X the fund had $45 in cash and the follow

ing receipts: Delivery Expense $75, Office Supplies Expense $55, and Postage Expense $25. The entry to establish the fund on June 1, 200X is A. DR Petty Cash 200; CR Cash 200 B. DR Cash 200; CR Petty Cash 200 C. DR Petty Cash 155; CR Cash 155 D. DR Cash 155; CR Petty Cash 155
Business
1 answer:
Rashid [163]3 years ago
4 0

Answer:

A. DR Petty Cash 200; CR Cash 200

Explanation:

We are asked for the entry on June 1st to stablish the petty cash fund.

The data on June 30th is irrelevant for this question.

We will only work with the information of june 1st

The ptty cash, will be an asset account. To crease an asset account we will debit it.

On credit side, we need to show how is this asset generated. In this case, with another asset, cash. Cash will be credited to show that 200 cash from the main account has been moved into the petty fund

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Radda [10]

please elaborate i dont understande what your asking.

4 0
3 years ago
Bramble Corp. makes and sells widgets. The company is in the process of preparing its selling and administrative expense budget
Alexandra [31]

Answer:

$720,000

Explanation:

The total budgeted selling and administrative expenses is made up of both fixed and variable components. The variable component of the cost is dependent on the budgeted number of units to be sold.

Total variable cost budgeted

= 58000 ( $1 + $3 + $4 +$2)

= $580,000

Total fixed cost = $10,000 + $120,000 + $4,000 + $6,000

= $140,000

total budgeted selling and administrative expenses for October

= $580,000 + $140,000

= $720,000

5 0
2 years ago
If an individual investor uses the services of a broker to buy and sell stocks that are currently being traded in the stock mark
sergejj [24]

Answer:

a. False

Explanation:

A "primary transaction" refers to the selling of <em>new stocks and bonds</em> for the first time towards the public. A great example of this is the "Initial Public Offering" <em>(IPO)</em> which allows "public share issuance."

On the other hand, a "secondary transaction" refers to the<em> trading of investors among themselves.</em> There is no involvement of the issuing companies here. So, this means that if an investor uses the services of a broker to buy and sell stocks that are currently being traded in the stock market,<u> the transaction</u><u> doesn't directly involve the issuing compan</u><u>y.</u> This kind of transaction is then called "secondary."

So, this explains the answer.

8 0
2 years ago
Derek just received a bonus and wishes to set aside a portion of it in order to save for a 10-year reunion cruise that his old c
kotegsom [21]

Answer:

$3,168

Explanation:

We will receive $4000 in future (after 4 years time) which means all we want to know is the amount that we Derek must deposit today.

This present value of the $4000 payment received after 4 years from today can be calculated using the following formula:

Present value = Future Value / (1 + r)^n

Here

Future Value is $4000

r is 6%

n is 4 years

So by putting values, we have:

Present value = $4000 / (1 + 6%)^4 Years

Present value = $3,168

3 0
3 years ago
During December, the production department of a process operations system completed and transferred to finished goods a total of
kati45 [8]

Answer:

$3 per unit

Explanation:

The computation of the direct materials cost per equivalent unit is shown below:

Completed and transferred to finished goods  65,000 units  

Equivalent number of additional units in process 15000 units

Beginning inventory material cost $57,500

Direct material cost incurred $183,000

Total direct material cost $240,500 ($57,500 + $183,000)

ANd, the total units is  80,000 (65,000 + 15,000)

So, the direct material cost per equivalent unit is

= $240,500 ÷ 80,000 units

= $3 per unit

3 0
2 years ago
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