A company establishes a petty cash fund on August 3 for $410. The fund is replenished...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company establishes a petty cash fund on August 3 for $410. The fund is replenished at the end of each month. The company has also issued a credit card for its office manager to make more substantial purchases. At the end of August, the following purchases have been made: Petty Cash Fund Delivery fees Plumbing maintenance Postage Flowers for the office $115 73 47 51 $286 Credit Card Equipment Advertising Supplies $1,200 800 400 $2,400 Record the establishment of the petty cash fund on August 3. On August 31, record the petty cash expenditures during the month and the employee credit card expenditures during the month. Note: the credit card balance will not be paid until the A company establishes a petty cash fund on August 3 for $410. The fund is replenished at the end of each month. The company has also issued a credit card for its office manager to make more substantial purchases. At the end of August, the following purchases have been made: Petty Cash Fund Delivery fees Plumbing maintenance Postage Flowers for the office $115 73 47 51 $286 Credit Card Equipment Advertising Supplies $1,200 800 400 $2,400 Record the establishment of the petty cash fund on August 3. On August 31, record the petty cash expenditures during the month and the employee credit card expenditures during the month. Note: the credit card balance will not be paid until the
Expert Answer:
Answer rating: 100% (QA)
A B 1 Answer 2 3 1 3Aug Petty cash Cash 4 5 6 7 2 31Aug Delivery fees 8 9 10 11 12 499529... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
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...
-
The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following normal balances: Cash ..................... $113,718 Petty cash ................... 100 Accounts...
-
Halles Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains...
-
Use a calculator to evaluate an ordinary annuity formula \[A=m\left[\frac{\left(1+\frac{r}{n}ight)^{n t}-1}{\frac{r}{n}}ight]\] for \(m, r\), and \(t\) (respectively) given in Problems 7-22. Assume...
-
On January 1, 2013, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2013 and 2014 are as follows: Required: 1. Estimate...
-
For each of the following acid/ base titrations, calculate the H3O+ and OH2 concentrations at equivalence and at titrant volumes corresponding to 20.00 mL, 10.00 mL, and 61.00 mL of equivalence....
-
How can a corporation that has its offices out of state be served?
-
Water flowing at 2 kg/s through a 40-mm-diameter tube is to be heated from 25 to 75C by maintaining the tube surface temperature at 100C. (a) What is the required tube length for these conditions?...
-
Abica Coffee Company produces Columbian coffee in batches of 6,000 pounds. The standard quantity of materials required in the process is 6,000 pounds, which cost $6.00 per pound. Columbian coffee can...
-
Design a clamper to perform the function indicated in Fig. 2.180. Silicon diodes 10 V 2.7 V vV Design -10 V
-
A large private equity investor who is considering a LBO of Marco Company. You feel you need to pay a 25% control premium to buy Marco Co. and the debt market will provide you with 6.0x leverage...
-
In several accounting situations it seems like there is more than one acceptable way to account for a transaction. Is this a significant issue? Are there situations where it can lead to ethical...
-
A loan of $\$ 50,000$ is due 10 years from today. The borrower wants to make annual payments at the end of each year into a sinking fund that will earn interest at an annual rate of 10 percent. What...
-
A senior VP has proposed that "we pay too much tax, so we should issue new debt and use the proceeds to buy back common stock." What would be the logic behind this statement?
-
Would the combination of a high current ratio and a low inventory turnover ratio suggest a firm is maintaining too high an inventory level? Why or why not?
-
Help for Insomniacs A recent study shows that just one session of cognitive behavioral therapy can help people with insomnia. In the study, forty people who had been diagnosed with insomnia were...
-
Hadley H. Way, a cash-basis taxpayer writes for a publishing company. At the end of 2020 (December 30th), Hadley received a bonus check in her internal mailbox for $17,500. She left on vacation on...
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
Standard & Poors is a global leader in credit ratings and credit risk analysis. Go to its website at standardandpoors.com. Required: 1. Click on ABOUT US then Key Statistics under S&P Rating...
-
Tatsuo has just been awarded a four-year scholarship to attend the university of his choice. The scholarship will pay $8,000 each year for the next four years to reimburse normal school-related...
-
Indicate the correct order in which to report the following accounts in the stockholders' equity section of the balance sheet: Additional Paid-in Capital, Common Stock, Preferred Stock, Treasury...
-
Under what conditions can WTO members not use MFN when dealing with one another?
-
What does most favored nation (MFN) mean?
-
How do the various forms of economic integration differ?
Study smarter with the SolutionInn App