To create the petty cash fund, make the following journal entry: debit Petty cash fund account ($430), credit cash account ($430).
<h3>What is petty cash fund?</h3>
A petty cash fund's main objective is to give business units enough money to pay for small expenses. The purpose is to make it easier for staff workers and visitors to get reimbursed for little expenses like taxi rides, postage, office supplies, and other things that often don't cost more than $25.00.
The data can also come from of the petty cash fund. Add up all of the expenses that are mentioned on each petty cash vouchers in the petty cash fund. This sum should be deducted from the calculated cash withdrawal amount. The outcome ought to be 0. There is an excess of cash in the fund if there is a residual balance.
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Answer:
Year 1 : $20000
Year 2 : $460000
Explanation:
Year 1 calculation:
120000-20000/50000*10000 =$20000
Year 2 calculation:
120000-20000/50000*23000=$46000
The answer is True. Hope this helps
Answer:
Journal Entry
Explanation:
The Journal Entry is shown below:-
Cash Dr, (1,600 shares × $13 per share) $
20,800
To Common Stock (1,600 shares × $ 0.01 par) $16
To Additional Paid in Capital in excess of par-Common Stock $20,784
(Being Issuance of common stock is recorded)
Therefore for recording the issuance of common stock we debited cash and credited common stock and additional Paid in Capital in excess of par common stock
Answer:
<u><em>Sales</em></u>-Oriented
Explanation:
A Sales-Oriented Company's main focus is on <em>producing a sales team to advertise and market their products or services.</em>
Generally, such strategies are made through door-to-door sales, telephone conversations, and other encounters with prospective customers or opportunities.
The sales team is typically the business's greatest resource and the <em>primary driver of its growth and productivity.</em>
