All categories

3 years ago

Petty Cash Fund Entries

Business

1 answer:

katrin2010 [14]3 years ago

3 0

Answer:

A. Dr Petty cash fund $500

Cr Cash $500

B. Dr Office supplies expenses $212

Dr miscellaneous selling expense $156

Dr miscellaneous administrative expense $61

Dr Cash short and over 31

Cr Petty cash fund $460

Dr Petty cash fund $460

Cr Cash $460

Explanation:

A. Preparation of the journal entry to establish the petty cash fund.

Dr Petty cash fund $500

Cr Cash $500

(To establish the petty cash fund)

B. Preparation of the journal entry to replenish the petty cash fund.

Dr Office supplies expenses $212

Dr miscellaneous selling expense $156

Dr miscellaneous administrative expense $61

Dr Cash short and over 31

($500-$212+$156+61+$40)

Cr Petty cash fund $460

($212+$156+$61+$31)

(To replenish the petty cash fund)

Dr Petty cash fund $460

($212+$156+$61+$31)

Cr Cash $460

You might be interested in

Many people moved to the Sunbelt to take new jobs in

Lisa [10]

Among the choices above the main reason why many people migrate to Sun belt is to work on the fields of aerospace and electronics this is because of the fast development of the industries in Sun belt and great opportunity are waiting for the migrates.

4 0

3 years ago

Read 2 more answers

When average total cost is at its minimum

Shkiper50 [21]

D.) Marginal cost is equal to average total cost. (Because when the average total cost is at its minimum, marginal cost is also at its minimum.)

4 0

3 years ago

Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received

muminat

Answer:

a. What is the after-tax cost if she pays the $39,000 bill in December?

= $23,000 x (1 - 32%) = $15,640

b. What is the after-tax cost if she pays the $39,000 bill in January? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

total after tax cost (including investment revenue):

= $23,000 x (1 - 37%) = $14,490

= -$23,000 x 7% x 1/12 x (1 - 37%) = -$84.53

= $14,405.47

c. Should Reese pay the $23,000 bill'in December or January?

January , since the after tax cost is lower

d. What is the after-tax cost if she expects her marginal tax rate to be 24 percent next year and pays the $23,000 bill in January?

= $23,000 x (1 - 24%) = $17,480

= -$23,000 x 7% x 1/12 x (1 - 24%) = -$101.97

= $17,378.03

e. Should Reese pay the $23,000 bill in December or January if she expects her marginal tax rate to be 32 percent this year and 24 percent next year?

December, since the after tax cost is lower

3 0

3 years ago

In its first year of operations, Wildhorse Co. recognized $33,700 in service revenue, $7,800 of which was on account and still o

ale4655 [162]

Answer:

accrued basis income: 14,300

cash basis income: 9,500

Explanation:

accrued: we reocgnize base on the time of transfer of goods and the expense are mathced when the period they occur.

revenues 33,700

operating expense (19,400)

net income 14,300

cash basis: we recognize based on the cash collection or disbursement:

collected from customer 25,900

paid expenses (13,600)

insurance paid (2,800)

net income 9,500

4 0

3 years ago

Which statement below best describes the accounting equation? Multiple Choice The change in retained earnings equals net income

8_murik_8 [283]

Answer:

The correct answer is Resources of the company equal creditors' and owners' claims to those resources.

Explanation:

It can be used to determine that the income or income of the consumer is exactly equal to the expense (purchase) of goods, for the determined period of consumption. In other words, by adding the value spent on the acquisition of goods "x" and goods "y". To have such values it is enough to multiply the number of possible units to acquire - in each of the points - by their respective price and then add them; This can be done at any point in the price line.

4 0

4 years ago