(a) Why do some businesses keep a petty cash book as well as a cash book? (b)...

Question:

(a) Why do some businesses keep a petty cash book as well as a cash book?

(b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being £25. For the month of April 2013 her petty cash transactions were as follows:

image text in transcribed

(c) Open the ledger accounts to complete the double entry for the following:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

See More Books

Question Posted: Jan 29, 2024 03:07 AM

See More Questions

(a) Why do some businesses keep a petty cash book as well as a cash book? (b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being 25. For the month of April 20X9 her...
9. It is estimated that t years from now the population of a certain lakeside community will be changing at the rate of 0.6t2 +0.2t + 0.5 thousand people per year. Environmentalists have found that...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Jones Archaeology began 2018 with retained earnings of $180,000. During 2018, Jones made sales of $832,000 with 56% of sales allocated to cost of goods sold. Selling and administrative expense for...
Markings to indicate length are placed on a steel tape in a room that has a temperature of 22C. Are measurements made with the tape on a day when the temperature is 27C too long, too short, or...
A stainless steel plate 1.6 cm thick rests on top of a hot plate, which is maintained at 250°C. Air flows over the top surface of the plate to provide a convective heat-transfer coefficient of h...
Prove that if $X, Y$ are two semi-martingales such that their stochastic logarithms are well defined, then \[\mathcal{L}(X Y)=\mathcal{L}(X)+\mathcal{L}(Y)+[\mathcal{L}(X), \mathcal{L}(Y)]\]
Mendelson Company, a publicly held corporation, operates a regional chain of large drugstores. Each drugstore is operated by a general manager and a controller. The general manager is responsible for...
When organising and implementing a new resource to the business, what type of details should be provided during the training process?
What are dummy variables? How are they useful in identifying differences among groups?
Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure of 140, with the balance being restored to that amount on the first day of each month. At 30 April 2012...
Evergreen Inc. owns these assets at the statement of financial position date: a. What amount should be reported as cash and cash equivalents in the statement of financial position? b. For any item...
ABC Food's gross profit margin is 30% and all sales are on account. For the year ended December 31, 2022, assume that the company had $650,000 in sales revenue and uses a perpetual inventory system....
Pacific Mercantile purchases flannel shirts for $19.99. These are marked up 25% on cost. What is the dollar markup of the flannel shirts?What is the selling price of a watch that costs $75 and has a...
J. L. Sporting Goods would like to sell a fishing pole for $125 with a 40% percent markup on selling price. What would be the costThe Craft Cove originally sold sewing machines for $300. During the...
A laser beam enters a 0.125 m thick glass window at an angle of 39 (from the normal). The index of refraction of the glass is 1.46. At what angle from the normal does the beam travel through the...
Baylor Company delivers goods with a selling price of $100 to their customer in May. Baylor obtained the goods in April for a cost of$75. and Bavlor intends to pav the supplier in June. Bavlor...
Yedder Enterprises was a pioneer in designing and producing precision surgical lasers. Yedders product was brilliantly designed, but the manufacturing process was neglected by management with a...
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.
The net present value of a project has been calculated as follows: What is the internal rate of return on the project? A. 10% B. 12.1% C. 17.9% D. 20% 2560 at 10% at 20% duongala yungmin (5) borzam...
The net present value of a project has been calculated as follows: What is the internal rate of return on the project? A. 10% B. 12.1% C. 17.9% D. 20% 2560 at 10% at 20% duongala yungmin (5) borzam...
If the current account balances do not represent assets or liabilities, what do they represent?
Sphere Foods Company produces a candy called "Little Stars," a bag of dozen, individually wrapped, star-shaped candies made primarily from a blend chocolate, macadamia nuts, and a blend of heavy...
Victor Korchnoi bought a bond one month before a semi-annual coupon was due. The face value was $10,000 and the coupon rate 8.5%. At the time of purchase there were 34 coupons left and the YTM was 6%...
4. Consider a 30-year U.S. Treasury bond paying 4.5 percent coupon, and selling for $1010. What is the yield to maturity? Make sure to show your work. 5. A 30-year U.S. corporate bond with a 6...

(a) Why do some businesses keep a petty cash book as well as a cash book? (b)...

Question:

Step by Step Answer:

a Some businesses keep a petty cash book in addition to a main cash book for several reasons Small Transactions Petty cash is used to handle small incidental expenses that occur within a business Inst...View the full answer

Frank Woods Business Accounting

Students also viewed these Business questions