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vekshin1
3 years ago
8

QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fun

d contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Business
1 answer:
noname [10]3 years ago
3 0

Answer and Explanation:

The journal entries are as follows:

1. Petty cash A/c Dr $150

              To Cash A/c $150

(Being the establishment of petty cash is recorded)

2.

Entertainment expenses A/c Dr $70

Postage expense A/c Dr $30

Printing A/c Dr $22

                    To Petty cash A/c $122

(Being the reimbursement of petty cash fund is recorded)

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If you were an elected official who wanted to increase tax revenues, which of the following would you prefer to use: individual
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Answer:

sales tax

Explanation:

It does not choose discriminatory the more you spend the more you pay, from a moral perspective people would rather pay for what they get rather than what they make and then possibly invest or save. They would not want to pay taxes at least 3 times if it is an investment.

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Karen and Mike currently insure their cars with separate companies, paying $400 and $600 a year. If they insured both cars with
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Answer:

$1,720

Explanation:

Total annual premium for both Karen and Mike = $400 + $600 = $1,000

If they insured both cars with the same company, they would save 15% on the annual premiums -> the annual saving = 15% * $1,000 = $150

We use formula FV to calculate the future value of annual payment:

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Why has America been referred to as " the land of opportunity"?
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Same as with Canada which is where both my grandfathers came from. Let's see how many reasons I can come up with just off the top of my head and just for those two.

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  3. They were able to eventually bring their wives and children with them. There was enough money to be made, even at jobs that didn't pay much, to bring them across the Atlantic.
  4. They were able, once the families were here, to turn their attention to bettering their conditions. They never became rich, but no one starved either. That's more than could be said about those relatives who didn't do as they did.
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3 0
3 years ago
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What does it mean that stocks and bonds are relatively liquid? a. They are easier to buy and sell than other forms of investment
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Answer:

The answer is A.

Explanation:

They are easier to buy and sell than other forms of investment. When they say an asset is liquid, it means it can easily be turned or converted to cash. Liquid stocks and bonds are easier to sell and buy because they will be see a buyer and seller to pay in exchange for cash.

Illiquid means they are difficult to sell and buy or they are difficult to be converted to cash

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A company finds that there is a linear relationship between the amount of money that it spends on advertising and the number of
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Since 100 units are already sold without investment, this value is taken as fixed and added.

And with the previous data, the formula remains:

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