Bens Beverages bought postage stamps using $15 of petty cash on July 9. The entry on July

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

Question:

Ben’s Beverages bought postage stamps using $15 of petty cash on July 9. The entry on July 9 would include a debit to

Postage Expense and a credit to Cash.
Postage Expense and a credit to Petty Cash.
Petty Cash and a credit to Cash.
no account; there is no entry on July 9.

Related Book For answer-question

Fundamental financial accounting concepts

ISBN: 978-0078025365

8th edition

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

See More Books

Posted Date: May 12, 2021 04:26 PM

See More Questions

How does a debit to an expense account ultimately affect retained earnings? Stockholders equity?
On 1 July 2005 Ben bought a rental property for $600,000. Ben incurred the following expenses in relation to this property: Legal Fees (incurred at purchase) $25,000 Stamp Duty $23,000 Agents...
A professor buys postage stamps and puts them in an envelope. Exactly 30 of the stamps are for letters, and exactly 10 of the stamps are for postcards. The professor's wife grabs two stamps. All...
An increase in the supply of U.S. dollars by the Federal Reserve will raise the value of the dollar because it will stimulate U.S. economic growth raise the value of the dollar because it will lead...
When would investors find bonds with long maturities, selling at large discounts, particularly unattractive as investment opportunities?
The director of college admissions at a local university is trying to determine whether a students high school GPA or SAT score is a better predictor of the students subsequent college GPA. She...
William Stem filed an action against Gary Braden, seeking to rescind a contract for the sale of an automobile and to obtain the return of the purchase price plus interest. The trial court granted...
Suppose B&E Press paid dividends at the end of each year according to the schedule below. It also reduced its share count by repurchasing 5 million shares at the end of each year at the ex-dividend...
Identify and analyze at least two considerations to ensure effective transaction transparency of Centralized database management systems and Distributed Database management systems. Identify...
Palmer, a U.S. company, acquired 90% of Scalas voting stock for $32,600 in cash on January 1, 2019, when Scalas book value was $5,000. The fair value of the noncontrolling interest at the date of...
1. Discuss briefly the allocation of non-traceable input VAT. 2. Discuss/Explain the concept of creditable input VAT and its requisites. Discuss each requisites. 3. Discuss the rules on timing of...
Use the Laplace transform to solve the following initial value problem: y" + 6y +9y=0 y(0)= 4, y/(0)=-3 a. Using Y for the Laplace transform of y(t), i.e., Y = {y(t)}, find the equation you get by...
Mike opened a new convenience store on January 1 of this year. He rents retail space with a lease of 7 years with a renewal period of 3 years and a second renewal period of 2 years after. He made...
Assume you have a bond with a semi-annual interest payment of $60, a par value of $1,000, and a current market price of $920. What is the current yield of the bond?
Question 1 (A.) Distinguish between risk and uncertainty by using the game of change in a casino as an example. (B.) From the example used in question 1a, explain how uncertainty may influence risk...
Carlyle managed an apartment building that has 10 units which rents at $1100 each per month. Last month he had combined vacancy and collection losses of $3,300. His insurance payment was $400, and...
The merger between Citi and Travelers was one of the worst big bank mergers in history. The stock is down over 80 per cent since the merger. Citi has problems with money laundering in different...
Calculate the electrical conductivity of a fiber-reinforced polyethylene part that is reinforced with 20 vol % of continuous, aligned nickel fibers.
On January 1, 2013, Chu Company issued $300,000 of five-year, 6 percent bonds at 101. Interest is payable annually on December 31. The premium is amortized using the straight-line method. Required...
The following accounts and corresponding balances were drawn from Geneses Companys 2014 and 2013 year-end balance sheets: The 2014 income statement is shown below: Income Statement Sales .............
The following account titles were drawn from the general ledger of Gutter Control, Incorporated (GCI): Cash, Notes Payable, Land, Accounts Payable, Office Furniture, Salaries Expense, Common Stock,...
At a point $P$ in a body, Cartesian stress components are given by $\sigma_{x x}=80 \mathrm{MPa}, \sigma_{y y}=-40$ $\mathrm{MPa}, \sigma_{z z}=-40 \mathrm{MPa}$, and \(\tau_{x y}=\tau_{y...
Find the principal stresses and the orientation of the principal axes of stresses for the following cases of plane stress. a. \(\sigma_{x x}=40 \mathrm{MPa}, \sigma_{y y}=0 \mathrm{MPa}, \tau_{x...
Determine the principal stresses and their associated directions, when the stress matrix at a point is given by 11 1 [6]=112 MPa. [121]

Bens Beverages bought postage stamps using $15 of petty cash on July 9. The entry on July

Question:

Expert Answer:

The correct option is Postage Expense and a cre... View the full answer

Fundamental financial accounting concepts

Students also viewed these accounting questions