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2 years ago

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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jolli1 [7]

Answer:

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Explanation:

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Expected sales volume = Current sales volume * (100% - Expected percentage increase in sales volume) = 161,000 * (100% - 11%) = 143,290 units

Expected sales value = Expected selling price * Expected sales volume = $6.86 * 143,290 = $982,762

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Expected cost of goods sold = Expected sales volume * Cost of goods sold per unit = 143,290 * $4.00 =$ 573,160

Therefore, Advanced Enterprises expected operating income for 2020 can be computed as follows:

Details $

Sales (143,290 units) 982,762

Cost of goods sold (573,160)

Gross margin 409,602

Operating expenses (266,000)

Operating income  143,602 

Since the expected operating income of $143,602 for 2020 is greater than $55,000 operating income for 2019, Advanced should increase the selling price in 2020.

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2 years ago

Steph Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct

Setler [38]

Answer:

$738 under applied

Explanation:

For computing the overhead at the end of the year first we have to determine the predetermined overhead rate which is shown below:

Predetermined overhead rate is

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Now

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So,

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