In general journal form, prepare journal entries to establish a petty cash fund on December 1 and
Question:
In general journal form, prepare journal entries to establish a petty cash fund on December 1 and replenish it on December 31.
Transcribed Image Text:
201X December 1 A $108 petty cash fund is established. At the end of the month, $35 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $13; office supplies expense, $26; miscellaneous expense, $19. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
Dec 1 Petty Cash 1 0 8 00 Cash 1 0 8 0...View the full answer
Answered By
Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
4.60+
16+ Reviews
28+ 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...
-
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: The following transactions occurred during April: (a) Purchased materials on account at a cost of...
-
What is the purpose and content of the notes to the financial statements?
-
Mark each statement True or False (T/F). Justify each answer. (T/F) If T : R n R m is a linear transformation and if c is in R m , then a uniqueness question is Is c in the range of T ?
-
A crossflow extraction system is being used to extract furfural from water into methyl-isobutyl ketone (MIBK) at \(25^{\circ} \mathrm{C}\). The \(9000 \mathrm{~kg} / \mathrm{h}\) of aqueous feed...
-
A toy skyrocket consists of a solid conical top of density t, a hollow cylinder of density c, and a stick having a circular cross section of density s. Determine the length of the stick, x, so that...
-
ansunda62@g x Transaction Declined: M Fwd: Entry Level Production Ass X SelectionMetrics selectionmetrics.com/Weyerhaeuser/Survey/Survey?WebID=NTY5ODJ8NjM4MzM3MjkwODMwMDAwMDAw ionMetrics Mechanical...
-
Required Tasks: 1. Assuming that training can affect the average time but not the standard deviation, the managers are interested in knowing to what level the mean call time needs to be reduced in...
-
Two capacitors are connected in parallel across a 24-V rms, 7.5-kHz sine-wave generator, and the generator supplies a total rms current of 56mA. With capacitors rewired in series, the rms current...
-
If in Exercise 6B-2 cash on hand is $20, prepare the entry to replenish the petty cash on December 31. Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month,...
-
The following differential equations for the production of a chemical P share the properties that the rate of change at t = 0 is 5.0, and the limit as t is 0. For each, find the solution starting...
-
Whitlady as seller and Noble as buyer have entered into a contract for the sale of Whitlady's land to Noble. In preparation for the closing, Noble ordered a title search of Whitlady's property. The...
-
How would you get a proper overhead rate in a cost efficient way for a company?
-
Trinity product Limited makes and sells three types of electronic security systems for which the following information is available Standard cost and selling price per unit Day Scan Night scanOmni...
-
A steel fabricator has grown significantly over the last 10 years with core business coming through government work, especially in fulfilling military contracts. These military contracts are...
-
Barron, Inc. sold goods for $888,500 on account. The company operates in a state that imposes a 12% sales tax. What is the amount of the sales tax payable to the state?
-
Why might union negotiators favor front-end loaded deferred wage increases? Are there potential drawbacks?
-
The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire before the year-end count of inventory was to take place. just...
-
From the following, calculate (a) Net sales, (b) Gross profit, and (c) Net income. Data Sales, $25,000; Sales Discount, $600; Sales Returns and Allowances, $300; Cost of Goods Sold, $13,200;...
-
Explain how the Cost of Goods Sold account is used in the adjustment process for a perpetual inventory system.
-
What is the normal balance of Merchandise Inventory?
-
James has surplus cash of $10,000. He decides to invest this cash by buying ordinary shares in a company called RMB. Which TWO are features of the investment that James has made? Solution A.Investing...
-
Delta Company has the following two customers: Breeze Creek Breeze Creek Sales $920,000 $780,000 Cost of Goods Sold $368,000 $152,000 MSDA expenses excluding sales commissions $648,000 $124,000 If...
-
What is the expected return of the following portfolio? Stock Price Per Share Number of Shares Security Expected Return A $ 2 8 1 6 7 1 3 . 3 8 B $ 2 7 2 3 8 1 9 . 5
Study smarter with the SolutionInn App