Swifty, Inc. decided to establish a petty cash fund to help ensure internal control over its...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Swifty, 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 established a petty cash fund in the amount of $247. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense 44 LO.U. from employees 28 Miscellaneous expense 47 The petty cash fund was replenished on April 10. The balance in the fund was $17. 3. The petty cash fund balance was increased $111 to $358 on April 20. Prepare the jourr entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered, Do not indent manually.) Date Account Titles and Explanation Debit Credit April 1 ре April 10 eTextbook and Media Swifty, 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 established a petty cash fund in the amount of $247. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense 44 LO.U. from employees 28 Miscellaneous expense 47 The petty cash fund was replenished on April 10. The balance in the fund was $17. 3. The petty cash fund balance was increased $111 to $358 on April 20. Prepare the jourr entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered, Do not indent manually.) Date Account Titles and Explanation Debit Credit April 1 ре April 10 eTextbook and Media
Expert Answer:
Answer rating: 100% (QA)
date account title and explanation 01Aprpetty cash to cash ... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
Students also viewed these accounting questions
-
The following information is available for the month of August from the Second department of the Twigg Corporation: Units Work in process, August 1 (60% complete) 50,000 Transferred from First...
-
The following information is available for the month of December 2021 representing operations for The ABC Security Services, Inc. Required: 1. Record the above transactions in the instructor-provided...
-
The following information is available for M&M Johnson, Inc.: a. The December 31, 2011, supplies inventory balance is $85,000. A count of supplies reveals that the company actually has $30,000 of...
-
Find the lengths of the curves. x = (y 3 /12) + (1/y), 1 y 2
-
In an article in the Journal of Retailing, Kumar, Kerwin, and Pereira study factors affecting merger and acquisition activity in retailing. As part of the study, the authors compare the...
-
Several years ago, Cyclop Company issued bonds with a face value of $1,000,000 for $1,045,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of...
-
Ajax Savings Bank has certificate of deposit notes with a face value of $\$ 10,000$ with a $10 \%$ interest rate compounded daily. What is the current market price of the $\mathrm{CD}$ if the term of...
-
Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order to study the relationship between price and demand for the large bottle of Fresh, the company has gathered data...
-
Use the Following metrics to perform the operation, if possible. A = F2-12 1 3 0 1 2 3 B 1 1 2 3 5 3-3 L0323 Find 2A-3B
-
Joe has $16 to spend on Twinkies and Ho-Hos. Twinkies have a price of $1 per pack, and Ho-Hos have a price of $2 per pack. Use the information in these graphs to determine the number of Twinkies and...
-
The NORTHERN AIRPLANE COMPANY builds commercial airplanes for various airline companies around the world. The last stage in the production process is to produce the jet engines and then to install...
-
Assume the risk-free rate (Treasury bill yield) was and is 4%. What was the (annualized) Sharpe ratio of the stock? Hint: Use the annualized return and standard deviation. The variance of returns...
-
COKE Inc. has the revenues of $5,562 million, net income of $189 million, total assets of $3,445 million, and total equity of $711 million on its latest financial statements. Compute its net profit...
-
Second Rate Ballroom, Inc, a national convention planner has 1,500 common shares and 2,000 bonds outstanding. Its securities have been performing very well in the marketplace. It has a common stock...
-
In an event study, alpha is 0.07 and beta is 1.18 based on the data from the estimation window. On the event day, the actual stock return was 9%, and the market return was 4%. What is the abnormal...
-
Estimate your firm's Weighted Average Cost of Capital. Assume that the current risk-free rate of interest is 3.6%, the market risk premium is 4.4%, and the corporate tax rate is 21%. Debt: Total book...
-
d . . 4 6 6 0 4 6 - 6 0 hours According to the Canadian Federation of Independent Business (CFIB), 25 percent of entrepreneurs work how many hours per week? Question 5Answer a. 60+ hours b. 31 - 45...
-
10m solution. If Ka(HA) = 10 then pOH of solution will be [Given : log4=0.6] (A) 6.7 (B) Greater than 6.7 & less than 7.0 (C) Greater 7.0 & less than 7.3 (D) Greater than 7.3
-
How is the compensation expense of stock options computed using the fair value approach?
-
As indicated in the chapter, the FIFO and LIFO inventory methods can result in significantly different income statement and balance sheet figures. However, it is possible to convert income for a LIFO...
-
Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Cost of purchasing a patent from an inventor. 2. Unrecovered costs of a successful...
-
The preferred stock of the Luxemburg Mining Corporation pays a $3.25 dividend. What is the value of the stock if your required rate of return is 8 percent?
-
What is the value of Brunei Petroleum Companys preferred stock when the dividend rate is 18 percent on a $100 par value? The appropriate discount rate for a stock of this risk level is 14 percent.
-
What is the value of Queens Park PLCs preferred stock when the dividend rate is 10 percent on a $100 par value? The appropriate discount rate for a stock of this risk level is 16 percent.
Study smarter with the SolutionInn App