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Natalka [10]
2 years ago
13

Petty Cash Journal Entries

Business
1 answer:
Sati [7]2 years ago
3 0

Answer:

(a) January 1

Dr Petty cash $200

Cr Cash $200

B. January

Dr Phone Expense $17.50

Dr Automobile Expense 33

Dr Joseph Levine, Drawing 56

Dr Postage Expense 12.50

Dr Charitable Contributions Expense 15

Dr Miscellaneous Expense 49

Cr Petty cash 183

January 31

Dr Petty cash $183

Cr Cash $183

Explanation:

(a) Preparation of the journal entry to establish a petty cash fund

January 1

Dr Petty cash $200

Cr Cash $200

b. Preparation of the journal entry to replenish the petty cash fund.

January

Dr Phone Expense $17.50

Dr Automobile Expense 33

Dr Joseph Levine, Drawing 56

Dr Postage Expense 12.50

Dr Charitable Contributions Expense 15

Dr Miscellaneous Expense 49

Cr Petty cash 183

($17.50+33+56+12.50+15+49)

January 31

Dr Petty cash $183

Cr Cash $183

($17.50+33+56+12.50+15+49)

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ioda

Answer:

Capital turnover = 2.5 times

Explanation:

given data

Sales =  $2,000,000

Operating income = $400,000

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to find out

Portland Porcelain Works Coffee Mug Division capital​ turnover

solution

we get here Portland Porcelain Works Coffee Mug Division capital turnover that is find here by dividing sales by total assets

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Capital turnover = \frac{sales}{total\ assets}     ......................1

put here value

Capital turnover = \frac{2,000,000}{800,000}

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natima [27]

Answer:

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Answer:

                                                 LEWIS Co.

                           Flexible budget performance report

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