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
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)

You might be interested in
Blue Spruce Company had $152,600 of net income in 2016 when the selling price per unit was $153, the variable costs per unit wer
Sonbull [250]

Answer:

12098

13127

Explanation:

Net income = revenue -  total cost

revenue = price x unit sold

total cost = variable cost + fixed cost

variable cost = variable cost per unit x unit sold

unit sold is unknown, so it would be represented with a

$152,600 = $153a - ($93a + $573,300)

$152,600 = $153a - $93a - $573,300

Collect like terms and solve for a

a = 12,098

b. Net income in 2017 = $61,700 + $152,600 = 214,300

214,300 = $153a - $93a - $573,300

Collect like terms and solve for a

a = 13127

6 0
3 years ago
The Racquet Store (RS) sells franchise agreements in which it charges an up-front fee of $50,000 for assistance in setting up a
andre [41]

Answer: A- Revenue under the installment sales method, as soon as it has assisted Steffi in setting up the store.

Explanation: The installment sales method is a method of accounting accepted under the US Gaap. It is a method were revenue is recorded in instalments and the cost of sales and gross profit recognised upon the collection of the installment revenue.

It is a method of accounting used mainly by construction companies whose revenue are not received once but in installments.

7 0
2 years ago
Consider the following binomial experiment: a study in a certain community showed that 6% of the people suffer from insomnia. if
Oxana [17]
To determine the standard deviation of the number of people who suffer from insomnia, you need to use the following formula:
= sqr of npq

= √10,200 people in the community x 0.6 people who suffer from insomnia x 0.91 = ?
= √10,200 x 0.6 x 0.91 = <span>√55.143 = 7.43 

= 7.43</span>
6 0
3 years ago
Which fast food chain did forrest and leroy raffel start in 1964?
Nikitich [7]

They started Arby's. Thank you for coming to brainly and I hope I was able to answer your question.

3 0
3 years ago
Which is the BEST definition of the term economics?
Hunter-Best [27]
I would say b or c because I learned that economics is the making and distributing of good and services. If i was answering i would pick c
3 0
3 years ago
Other questions:
  • These are selected 2022 transactions for Flounder Corporation: Jan. 1 Purchased a copyright for $96,000. The copyright has a use
    13·1 answer
  • Use the ________ or _______ property to clear a float
    12·1 answer
  • Pickard company pays its sales staff a base salary of $5,200 a month plus a $2.80 commission for each product sold. if a salespe
    9·1 answer
  • Which factors can help you to judge the credibility of a website? Check all that apply
    6·2 answers
  • What is meant by saying that economics is an empirical​ science?
    9·1 answer
  • On December 15, 19x5, FLM Corporation exchanged 2,000 shares of $10 par value common stock for land. The current market price of
    12·1 answer
  • Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $305,000, vari
    11·1 answer
  • If the sales revenue is $150,000 and the margin of safety is $30,000, then the break-even
    6·1 answer
  • Daimler AG agreed to sell 30 trucks to Romania in exchange for 150 Romanian-made Jeeps, which is an example of
    9·1 answer
  • What is the first step in setting up a budget? (1 point)
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!