1. Option C
Debit to cash short and over for $9.
Cash short and Over = $93 - $21 - $63 = $9
2. Option B ( $12892 )
Calculation of gross profit:-
Net sales = ($29000 - $3500) * (1 - 0.02) = $24,990
Cost of goods sold = $13,532 - $1434 = $12,098
Gross Profit = $24,990 - $12,098 = $12,892
3. Option D ( $11,508 )
Trade discount = $14,864 * 30% = $3,121
Value after trade discount = $14,864 - $3,121 = $11,743
Discount = $11,743 * 0.02 = $235
Amount after discount = $11,743 - $235 = $11,508
4. Option B ( $1,541 )
Total available units in inventory = 25 units
Most recent purchase = 13 units * $65 = $845
Next recent purchase = 12 units * $58 = $696
Amount of inventory at the end of the year = $845 + $696 = $1,541
5. Option C ( $3,697 )
Cash balance per bank, 6/30 = $10,325
- Note receivable collected by bank = $5,430
- Outstanding checks = $5,789
+ Deposits in transit = $3,482
+ Bank service charge = $67
+ NSF check = $1,042
Cash Balance per books ( before adjustments ) = $3,697
Calculator A $93 petty cash fund has cash of $21 and receipts of $63. Which of...
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $10,325 Note receivable collected by bank 5,430 Outstanding checks 5,789 Deposits-in-transit 3,482 Bank service charge 67 NSF check 1,042 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. $12,339 $8,018 $3,697 $14,646 Previous The Boxwood Company sells blankets for $37.00 each. The following was taken from the inventory records during May. The company had no beginning...
A petty cash fund of $100 is replenished when the fund contains $3 in cash and receipts for $93. The entry to replenish the fund would debit Cash Over and Short for $4. credit Miscellaneous Revenue for $4. credit Cash Over and Short for $4. debit Miscellaneous Expense for $4.
21) A petty cash fund was established with a $350 balance. It currently has cash of $45 and petty cash tickets totaling $30 Which of the following would be included in the entry to replenish the fund? A) a debit to various expenses for a total of $305 B) a credit to Petty Cash for $305 C) a debit to Petty Cash for $45 D) a credit to Cash for $45
Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $400. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $ 62 December 7 Delivery charge for shipping to customer $ 46 December 12 Purchase of office supplies $ 30 December 18 Donation to charitable organization $ 51 If, in addition to these...
Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $ 48 December 7 Delivery charge for shipping to customer $ 72 December 12 Purchase of office supplies $ 37 December 18 Donation to charitable organization $ 56 If, in addition to these...
Brown Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. c. Paid postage expenses of $57. d. Paid $28 to Facebook for...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...