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The owner of Barnes Company established a petty cash fund amounting to...
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects...
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellancous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January 1. establishment of the fund; 2. making payments for various items from the fund, and 3. recognizing expenses and replenishing the fund at...
Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is...
Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column use the initials OA to designate operating activity, IA for investing activity,...
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary...
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the...
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $825. Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
Which of the following shows how the event "collected cash for services to be rendered in...
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellancous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January 1. establishment of the fund; 2. making payments for various items from the fund, and 3. recognizing expenses and replenishing the fund at...
Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column use the initials OA to designate operating activity, IA for investing activity,...
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $825. Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
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