2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
Q: The company had a beginning account receivable balance of $10,000. The company provided $80,000 of…
A: Accounts Receivable is the balance due from customers from the credit sales made.
Q: Which of the
A: A prime cost is the total direct costs of production, including raw materials and labor.. Indirect…
Q: The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs.…
A: Cost classification:Cost can be classified based on different parameters such as the nature of cost,…
Q: Jack Closets, Inc. employs 27 employees earning an average of $1,550 per week. The company awards…
A: Vacation wage expense refers to the costs incurred by a company towards providing an employment…
Q: Saleh is married (spouse does not work), claims two dependents who are under the age of 17. What is…
A: The income tax withholdings are computed under the Percentage method tables for manual payroll…
Q: Question 5 Ayayai Limited uses a perpetual inventory system. The inventory records show the…
A: Inventory valuation is the process of evaluating the monetary value of inventory. The inventory…
Q: d k ces Harris Company manufactures and sells a single product. A partially completed schedule of…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: capitalization rate?
A: The capitalisation rate is measured by net operating income divided by property value.It indicates…
Q: S & R Company uses the aging of accounts receivable approach to estimate bad debt expense. On…
A: Bad Debt ExpensesBad debt expenses represent the portion of outstanding payments owed to a company…
Q: Kingsport Containers Company makes a single product with wide seasonal variations in demand. The…
A: Overheads: Indirect costs incurred while producing goods or services. Overhead costs cannot be…
Q: Kamin Company's mixing department had a beginning inventory of 4,000 units which had accumulated…
A: Cost per unit is the amount of cost incurred on the making of each unit produced. It include the…
Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes…
A: Variance -Variance arises when the actual amount of usage or rate differs from the budgeted amount…
Q: Partial Income Statement-Periodic System LaPine Company has the following account balances as of…
A: Income statement is a financial statement that shows the profitability, total revenue and total…
Q: 19. Using the following information, calculate the return on assets. Net income for November Total…
A: Lets understand the basics. ROA stands for return on assets. Return on assets is calculated as net…
Q: On 1 May 2015 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped…
A: It is a method of recording financial transactions in the book of original entry by debiting and…
Q: Mercury Limited reported earnings of $75,000 in 20X9. The company has $55,000 of depreciation…
A: To calculate the income tax expense for 20X9, we need to consider the current year's taxable income…
Q: Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an…
A: The objective of the question is to determine the division of net income for the year between Martin…
Q: what is the double entry when making weekly payments to a rotating savings arrangement?
A: Double entry is one of the method of bookkeeping which states that each monetary transaction has…
Q: Oriole Bucket Co., a manufacturer of rain barrels, had the following data for 2024 Sales quantity…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Suppose that you are considering investing in a 4-year bond that has a face value of $1,000 and a…
A: Bonds are the source of funds raised by a business entity by issuing securities to investors. It…
Q: A lease agreement that qualifies as a finance lease calls for annual lease payments of $30,000 over…
A: An organization that signs a lease gets the usage rights over an asset without really owning it. The…
Q: RHO Company began its operations on January 1 and produces a single product that sells for $10.25…
A: TOTAL COSTTotal Cost is the cost which is incurred to manufacture a product.Total Cost Includes Cost…
Q: Question 3 Parker receives a paycheck backdated to December 31, 2021, on January 4, 2022. What is…
A: Social security wage limit : It is limit for maximum income which is taxable for social security tax…
Q: On January 1, 2020, Sheffield Corp. issued $4500000, 10-year, 4% bonds at 102. Interest is payable…
A: The journal entries are prepared to record the transactions on a regular basis. The bonds are issued…
Q: Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling…
A: The Cash Flow Statement is the statement that shows the cash inflow and outflow of the company. This…
Q: Ralph owns a building that he is trying to lease. Ralph is a calendar-year, cash-method taxpayer and…
A: A lease agreement is carried out between 2 parties the lessor and the lessee, where the lessor is…
Q: John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If…
A: An annuity is a type of financial instrument that financial institutions and insurance firms…
Q: During its first year of operations, a company entered into the following Borrowed $5,150 from the…
A: Total Assets: These include all the components of the balance sheet that are owned or controlled by…
Q: Rothschild Chair Company, Incorporated, was indebted to First Lincoln Bank under a $35 million, 10%…
A: Journalizing is the process of recording financial information in the form of journal entries.…
Q: 18. On August 20, Walter Manufacturing Ltd agrees to exchange its accounts payable for a 90-day,…
A: Walter Manufacturing Ltd is exchanging its accounts payable for a note payable to Fidalgo Company.…
Q: On January 1, 2019, Palm Corporation acquired 70 percent of Smart Company's common stock for…
A: Goodwill is an intangible asset that appears on the asset side of the Balance Sheet.. In…
Q: Professor John Morton has just been appointed chairperson of the Finance Department at Westland…
A: Total costs:Total costs include the cost of production costs, and, other period costs. According to…
Q: Question 8 At the end of the year, the adjusted trial balance for Drool Corporation contains the…
A: Preparation of closing entries is a method the business entity uses to close its temporary account…
Q: Question 19: On 31 Dec, 2014, Merigo Co sold goods to a customer for $ 10 million, representing a…
A: Profit and loss statement also known as income statement. its consist revenue and expenes . From…
Q: On January 1, 2020, Kendall Co. purchased to hold to maturity, 1000, $1,000, 9% bonds for a price to…
A: Bond valuation is a way to determine the fair value of a particular bond. It involves calculating…
Q: The Lee Corporation uses a job-order costing system. The following data were recorded for June:…
A: Finished goods inventory represents the completed products awaiting sale or distribution by a…
Q: GGS Corp. reports a net operating loss for 2023 of $1,343,000. Last year the company reported axable…
A: Lets understand the basics.As per loss carryback provision, all the losses incurred in current year…
Q: Blossom Company is considering two different, mutually exclusive capital expenditure proposals.…
A: Net present value is the difference between the present value of future cash flows and initial…
Q: 3. Lap Dogs Inc. is planning for next year and has the following summarized results so far ($000):…
A: Debt:It is the money that is owned by business.It needs to be repaid back.Usually, they borrow when…
Q: McMillan Company uses the periodic inventory system. It has compiled the following information in…
A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…
Q: Required information [The following information applies to the questions displayed below.] Green…
A: Relevant cost of special order The relevant cost of a special order refers to the incremental…
Q: The Ivanhoe Law Office has the following monthly telephone records and costs: Calls 6,500 4,600…
A: The costs incurred for the production are classified as fixed and variable costs. The high-low…
Q: During 2024, Sarasota Co. borrowed cash from Blossom Company try issuing notes payable as follows:…
A: The balance sheet's corresponding asset, usually cash or its equivalent, and liabilities are both…
Q: On January 1, 2021, Marshall Company acquired 100 percent of the outstanding common stock of Tucker…
A: When one company acquires 100% shares of another company i.e takeover the other company by paying a…
Q: A lease agreement that qualifies as a finance lease calls for annual lease payments of $20,000 over…
A: A lease is an agreement between two parties in which one party provides assets on rent to another…
Q: Wildhorse Company purchases $65,000 of raw materials on account, and it incurs $78,000 of factory…
A: To allocate the overhead costs to the departments using a predetermined overhead rate is known as…
Q: Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard…
A: The overhead rates are to be defined using labor hours as well machine hours.Overheads are the…
Q: AreaBurt purchased an apartment building on January 1, 2010, for $345,000. The building has been…
A: As per section 1231 gain will be = $420,000 - $345,000…
Q: Abbra Bank agrees to reduce the principal to $1.7 million and require interest only in the third…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Red Robin borrowed money to purchase a vehicle this year for $47,210. The vehicle loan is an…
A: Journal entries are prepared to record the financial transactions in the accounting book. It is the…
Step by step
Solved in 3 steps
- On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund.On March 20, Bonita's petty cash fund of $113 is replenished when the fund contains $9 in cash and receipts for postage $48, freight-out $13, and travel expense $39. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 20 Debit Credit
- On March 20, Oriole's petty cash fund of $119 is replenished when the fund contains $12 in cash and receipts for postage $49, freight- out $21, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 20 Debit CreditA petty cash fund was originally established with cheque for 150. On December 31, you find the FF items Prepare the general journal entry to record the replenishment of petty cash funds on December 31.On March 20, Vaughn's petty cash fund of $108 is replenished when the fund contains $15 in cash and receipts for postage $49, freight-out $18, and travel expense $20. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 20 Account Titles and Explanation Petty Cash Petty Cash Debit Credit
- Petty Cash Fund Minsky Ltd. maintains a balance of $2,500 in its petty cash fund. On December 31, Minsky's petty cash account has a balance of $216. Minsky replenishes the petty cash account to bring it back up to $2,500. Minsky classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record the replenishment of the petty cash fund?On March 20, Sheffield’s petty cash fund of $114 is replenished when the fund contains $12 in cash and receipts for postage $48, freight-out $21, and travel expense $33.Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20On March 20, Novak's petty cash fund of $118 is replenished when the fund contains $20 in cash and receipts for postage $47, supplies $19, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Mar. 20 Debit Credit