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Please answer the following questions, Thanks Question 1 The ledger accounts given below, with an identication number for each, are used by Quirk Company. Quirk

Please answer the following questions, Thanks

Question 1

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The ledger accounts given below, with an identication number for each, are used by Quirk Company. Quirk Company uses a perpetual inventory system. Instructions: Prepare appropriate entries for the month of March for each of the listed petty cash fund transactions by placing the appropriate identification number(s) in the debit and credit columns provided. Write "MIA" if no entry is appropriate. 1. Cash 7. Ofce Supplies Expense 2. Petty Cash 8. Postage Expense 3. Accounts Receivable 9. Freight Out 4. Ofce Supplies 10. Miscellaneous Expense 5. Merchandise Inventory 11. Cash Over and Short 6. Freight In 12. (Other Accounts) Aocount(s) Account(s) Entry Information Debited Credited Mar. 1 Issued a cheque for $400 to establish a petty cash fund. Mar. 3 Disbursed $40 for pizza and drinks for staff working overtime. Mar. 5 Paid collect Canada Post bill for goods purchased for resale $20. (March 6 - 17 various other disbursements took place.) Mar. 18 Replenished the petty cash fund by writing a cheque for $345. On this date the fund consisted of $55 in cash plus the following petty cash receipts: Freight in $91, office supplies $95, postage expense $77, and miscellaneous expense $79. Mar. 21 A cheque was written for $200 to increase the stipulated amount of the fund. Instructions: Indicate in which journal the transactions given below would be recorded by placing the appropriate journal abbreviation in the space provided. Abbreviation Journal J General Journal CR Cash Receipts Journal 8 Sales Journal CP Cash Payments Journal P Purchases Journal 1. Received cash on account from customer. 2. Customer returned merchandise sold on account. 3. Sold merchandise to customer for cash. 4. Owner withdrew cash for personal use. 5. Paid shipping charges on merchandise purchased on account. 6. Purchased ofce equipment on account. 7. Purchased merchandise for resale on account. 8. Recorded adjusting entries. 9. Recorded closing entries. 10. Sold merchandise to customer on account

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