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
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

You might be interested in
Navy core values, though fundamental to Naval operations, are overlooked in a TCRM situation. A ) True B ) False
pshichka [43]

Answer:

The correct answer is B) False.

Explanation:

The values of the army must always be taken into account, because they are the fundamental pillar of the institution. Any task or function that is performed in it, must be in accordance with those values, since otherwise it would be going in reverse to its missionary task.

7 0
3 years ago
SCENARIO 3.1: Rented DVDs and movies shown in theaters are substitutes. Rented DVDs and plasma TVs are complements. Plasma TVs a
EleoNora [17]

Answer:

What would happen is Price of TVs goes up and price of rental DVDs goes down. Subsequently, price of movies theaters rises.

Explanation:

As there are less import of Plasma TV from Japan, the supply will be lower, while demand remains unchanged. So, price of Plasma TV will go up following is the demand for plasma TV will go down

As Plasma TV and rental DVDs are complementary goods, downward in demand for plasma TV means less demand for rental DVDs while supplies for rental DVD remains the same. Thus, price of rental DVD will go down.

As rental DVD and movies theaters are substitute goods, the demand in rental DVD going down will cause the increase in the demand in movie theaters while supplies for movie theaters stay the same. So, movie theater ticket will go up subsequently.

4 0
3 years ago
Undesirable traits that a person should avoid when driving are
krek1111 [17]
Not paying attention to the road, listening to loud music (distracting), and TEXTING WHILE DRIVING. That is one of the leading causes of death.
4 0
3 years ago
Read 2 more answers
Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (
Fofino [41]

Answer and Explanation:

1.

The direct labor overhead rate using the direct labor hours is shown below:-

Direct labor overhead rate = Total overheads ÷ Direct labor hours

= $220,800 ÷ 1,725

= $128

b. The machine hour overhead rate using the machine hours is

= Total overhead ÷ Machine hours

= $220,800 ÷ 4,600

= $48

2.

The factory overhead costs using direct labor hour is

Particulars             Automobile       Valve        Wheels        Total

                                bumpers           covers

Direct labor            

hours                        730                 480                515

Overhead rate         $128               $128              $128

Total                        $ 93,440        $61,440        $65,920     $220,800

For determining the total overhead we simply multiply the direct labor hours with overhead rate.

The factory overhead costs using machine hour is

Particulars             Automobile       Valve        Wheels        Total

                                bumpers           covers

Machine hours          1,970               1,270         1,360

Overhead rate            $48                  $48              $48

Total overhead        $94,560         $60,960    $65,280      $220,800

For determining the total overhead we simply multiply the machine hours with overhead rate.

7 0
3 years ago
Employees at the university have negotiated a 5 percent increase in wages for the next year, based on their inflation expectatio
Trava [24]

Answer:

B. Real wages for university employees will rise.

Explanation:

Increase in income is @ 5%, and that the actual inflation is only 4% that is less than the increase in income. Accordingly, the company is paying more to the employees, and accordingly their wages have increased.

The amount of money available in real terms is more than the actual money, held by the employees earlier.

This is all because the actual increase in inflation rate is less than the increase in salary of employees.

8 0
3 years ago
Other questions:
  • Shaw Company engages Maya Company to produce a large machine, install the machine, and train their employees on the machine. The
    13·1 answer
  • NEED HELP ASAP
    14·1 answer
  • What way of calculating ROI makes it easiest to compare investments?
    15·2 answers
  • On May 1, Year 1, Benz’s Sandwich Shop loaned $16,000 to Mark Henry for one year at 8 percent interest. Required a. What is Benz
    11·1 answer
  • At December 31, 2018 and 2019, Frist Company had outstanding 50 million common shares and 4 million shares of 10%, $10 par cumul
    5·1 answer
  • When entering variables in a spreadsheet function (or in a financial calculator) the "sign convention" can be critical to achiev
    6·2 answers
  • Thad, a single taxpayer, has taxable income before the QBI deduction of $176,000. Thad, a CPA, operates an accounting practice a
    11·1 answer
  • Read the attached file
    12·1 answer
  • State for items of information contained in a receipt
    11·1 answer
  • Explain about New product pricing strategy
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!