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Slav-nsk [51]
3 years ago
7

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

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Answer:

22.22%

Explanation:

The calculation of percentage in sales is shown below:-

Increase in profit required = $25,000 - $15,000

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Answer

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3 years ago
_____ protect consumers against harm from products on the market.
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3 years ago
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Answer:

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What is inventory turnover? Explain the effect of a high inventory turnover during the Christmas shopping season.
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\frac{Sales}{Average Inventory} = $Inventory Turnover

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