Answer:
Clooney Corp.
Petty Cash Journal Entry
<em>Sr. No Particulars Debit Credit</em>
1 Petty Cash $200
Cash $200
Establishing Petty Cash
2. (Employee Name;s ) Entertainment Expenses $25 Dr
Petty Cash $ 25 Cr
Recording employee petty cash expenditures
Credit Card Expenditures Entries
1. Postage, $44; Dr
Delivery, $69; Dr
Supplies expense, $34 Dr
Credit Card Payable 147 Cr
Credit Card Payable is a liability and appears in the balance sheet . It has to be paid in the future.
2. Credit Card Payable 147 Dr.
Cash 147 Cr
When the liability is paid this entry is made.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
$3.95
Explanation:
Stana incorporation has preferred stock outstanding that is sold at $100.28
The required return is 3.96%
Therefore the annual dividend can be calculated as follows
= 3.96/100.28
= 0.03948 × 100
= 3.95
Hence the annual dividend is $3.95
Answer:
$30,000
Explanation:
Given that,
Equipment Cost = $175,000
Allowed depreciation = $55,000
Selling price of Equipment = $150,000
Total Value of Assets:
= Equipment Cost - Allowed depreciation
= $175,000 - $55,000
= $120,000
Income from sell of Equipment:
= Selling price of Equipment - Total Value of Assets
= $150,000 - $120,000
= $30,000
So, According to Section 1245 generate ordinary income of $30,000.
Answer:
d. All of the answers are correct.
Explanation:
The following accounts are effected
1. Revenue account
2. Account receivable account
3. Asset account
4. No impact on liabilities
Let us take an example. If sales are made on Ram account for $100,000
So, the journal entry would be
Account receivable - Ram A/c Dr $100,000
To Sales revenue A/c $100,000
(Being the credit sales is recorded)
It increases both above accounts plus there is no impact on liability which increase the asset account
