In general journal form, prepare journal entries to establish a petty cash fund on October 1 and
Question:
In general journal form, prepare journal entries to establish a petty cash fund on October 1 and replenish it on October 31.
Transcribed Image Text:
201X October 1 A $101 petty cash fund is established. At the end of the month, $14 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $18; office supplies expense, $30; miscellaneous expense, $24. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Oct 1 Petty Cash 1 0 1 00 Cash 1 0 1 0...View the full answer
Answered By
Muhammad Rehan
Enjoy testing and can find bugs easily and help improve the product quality.
4.70+
10+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
McMann, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it...
-
Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April...
-
Velez, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
How are the closing entries for a merchandizer using a perpetual inventory system different than for a service company?
-
Explain the vertical integration continuum. AppendixLO1
-
make sound business decisions, and develop a strategy for change;
-
London Township began Year 1 with a balance of $10 million in its bridge repair fund, a capital projects fund. The fund balance is classied as restricted. At the start of the year, the governing...
-
Suppose a company had an initial investment of $50,000. The cash flow for the next five years are $17,000, $20,000, $16,000, $18,000, and $14,000, respectively. The interest rate is 6%. What is the...
-
Holstein Computing manufactures an inexpensive audio card (Audio Max) for assembly into several models of its microcomputers. The annual demand for this part is 100,000 units. The annual inventory...
-
From the following information, construct a bank reconciliation for Boom Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,493 Outstanding checks $738 Bank...
-
If in Exercise 6A-2 cash on hand is $12, prepare the entry to replenish the petty cash on October 31.
-
1. In Example 13-9, the fluid is accelerated to a greater speed as it enters the narrow part of the pipe. Identify the forces that act on the fluid to produce this acceleration? 2. You are sitting in...
-
As consumers we're connected to an instant feed or live updates, breaking news, and messages. We believe that when we post something on social media, we will get instant feedback from friends. What...
-
Describe the process for screening candidates for ethics. Outline which job candidate factors are illegal to consider when hiring. Explain how to obtain accurate behavior information from resumes,...
-
In relation to Operation management, sustainability and supply chain management explain the following terms; What is the overall objective of scheduling? What is JIT? What is a Lean producer? Discuss...
-
The issue of Royal Rose Manufacturing Co., Ltd. with many new employees is the low level of production. Although the company implements training programs for employees, the skill improvement of...
-
For safety reasons an elevator stops with an acceleration of g/3 in the case of an emergency. Let's assume an unusually high ceiling of the elevator to hang three sections lamp one below the other...
-
On a summer night coastal land cools below the temperature of the adjacent sea. Does the resulting land breeze blow offshore or onshore? Does the coriolis effect influence the land breeze? If so, how?
-
For what reason might an exporter use standard international trade documentation (letter of credit, draft, order bill of lading) on an intrafirm export to its parent or sister subsidiary?
-
Journalize the following transactions: 201X Apr. 8 Purchased merchandise on account from Collins Supplies, $10,000; terms 2/10, n/30. 15 Sold merchandise on account, $6,500; terms 2/10, n/30. The...
-
Journalize the following transactions: 201X Jan. 4 Sold merchandise for $300 cash. The cost of merchandise was $250. 9 Purchased merchandise from Red Co., $3,500, free on board shipping (buyer pays...
-
Journalize the following transactions: 201X Apr. 5 Sold merchandise for $1,050 cash. The cost of the merchandise was $600. 16 Made refunds to cash customers for defective merchandise, $90. The cost...
-
which of the following stateents is consistent with the balance sheet model of a firm a. longterm investment decision b. shareholder value equals long term liabilities minus short term liabilities c....
-
please show all methods for these please pleaseee! y 4. Equity at start of year 120,000 Sales revenue 175,000 Current liabilities at end of the year 90,000 Non-current liabilities at end of the year...
-
if the returns between two assets are negatively correlated, then the standard deviation of a portfolio made up of the two assets is: A) equal to a weighted average of the individual asset's standard...
Study smarter with the SolutionInn App