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Marizza181 [45]
3 years ago
9

Havermill Co. establishes a $300 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $78 for Office Supplies, $147 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $48. On October 1, the accountant determines that the fund should be increased by $60. The journal entry to record the establishment of the fund on September 1 is:
Business
1 answer:
AlekseyPX3 years ago
4 0

Answer and Explanation:

The journal entry to record the establishment as follows:

On Sep 1

Petty cash Dr $300

     To Cash  $300

(being the establishment of the fund is recorded)

Here the petty cash would be debited and cash would be credited so that the proper recording could be done

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The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.
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Answer:

Dependable Delivery Service

Classified balance sheet as at July 31, 2022

Non Current Assets

Equipment                                                  $59,360

Total Non Current Assets                          $59,360

Current Assets

Accounts Receivable                                  $11,400

Prepaid Insurance                                        $1,800

Cash                                                            $15,940

Total Current Assets                                  $29,140

Total Assets                                               $88,500

Equity and Liabilities

<u>Equity</u>

Common Stock                                         $40,000

Retained Earnings                                       $8,750

Total Equity                                                $48,750

<u>Liabilities</u>

<u>Non Current Liabilities</u>

Notes Payable, due 2024                         $31,450

Total Non Current Liabilities                     $31,450

<u>Current Liabilities</u>

Accounts Payable                                      $7,400

Salaries and Wages Payable                       $900

Total Non-Current Liabilities                     $8,300

Total Liabilities                                         $39,750

Total Equity and Liabilities                      $88,500

Explanation:

Its very important to calculate the Retained Earnings Balance at the end of July 2020.

To do this, we need to first calculate the Net Income for the period as follows :

<u>Income Statement for the year ended July 31, 2022</u>

Service Revenue                                                        15,500

Less Expenses :

Maintenance and Repairs Expense           1,200

Utilities Expense                                           950

Insurance Expense                                       600

Salaries and Wages Expense                    8,400     (11,150)

Net Income/(loss)                                                         4,350

Then, calculate the Retained Earnings Balance as follows :

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Beginning Balance                                    5,200

Add Net Income during the period          4,350

Less Dividends                                            (800)

Ending Balance                                         8,750

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