Question

6. On October 1. Head and Heart Companys petty cash lund of $150 is replenished. The fund contains cash of $30, and receipts

please as fast as you can

0 0
Add a comment Improve this question Transcribed image text
Answer #1
(b) Recording of replenishment
Date Account Titles and Explanation Debit Credit
Oct 1 Supplies $        75
Postage Expense $        45
To Cash $      120
(Being Recording of replenishment)
(c) Bad debt expense for the period
Account recivable un collectable $ 14,000
Less Bad Debt allowance balance $   1,100
Bad Debt Expense for the period $ 12,900
Add a comment
Know the answer?
Add Answer to:
please as fast as you can 6. On October 1. Head and Heart Company's petty cash...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On...

    4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On October 10 the petty cash fund was replenished when there was $49 remaining and there were petty cash receipts for: office supplies, $47; transportation-in on inventory purchased, $32; and postage, 522. On October 15, the petty cash fund was decreased to $125 in total. Record the above transactions in general journal form. Date Debit Credit

  • please help with these accounting problems! all questions please and thank you! 6. An aging of...

    please help with these accounting problems! all questions please and thank you! 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...

  • A 1 1 H K 2 CHANGE FUND & PETTY CASH JOURNAL ENTRIES 4 a Established a petty cash fund of $400 Replenished the p...

    A 1 1 H K 2 CHANGE FUND & PETTY CASH JOURNAL ENTRIES 4 a Established a petty cash fund of $400 Replenished the petty cash fund based on the following disbursements as indicated by a summary of the petty cash receipts office supplies b. expense, $24.50, miscellaneous administrative expense, $33.75, miscellaneous selling expense, $ 31.60 5 6 C. Increased the petty cash fund by $100 to a balance of $500. 7 8 10 JOURNAL ENTRIES Accounts DR CR 11...

  • Please explain your answer. Thank you! Learning Objective 4 P7-26A Accounting for petty cash transactions Suppose...

    Please explain your answer. Thank you! Learning Objective 4 P7-26A Accounting for petty cash transactions Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, fund custodian, signs the following petty cash tickets: 2. June 30, Cash CR $160 Petty Cash Ticket Number Item Amount Postage for package received Office party Two boxes of stationery Printer cartridges Business dinner On June 30, prior to...

  • View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small...

    View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small penditures. The following transactions occurred over a two month period: Feb. 1 Feb 15 Feb. 28 Established petty cash fund by writing a cheque on Algonquin Bank for $200.00. Replenished the petty cash fund by writing a cheque for $195.00. On this date the fund consisted of $500 in cash and the following petty cash receipts: Freight out $82.00 Postage expense 72.90 Entertainment expense...

  • Accounting (ans fast plz) Wer letter in the space provided below, Use capital letters A, B,...

    Accounting (ans fast plz) Wer letter in the space provided below, Use capital letters A, B, C or D Question1 2 3 Answer (1) If a petty cash fund is established in the amount of $200, and contains cash and $85 in receipts for disbursements when it is replenished, the journal entr to record reimbursement should include the following accounts A. Petty Cash $85 credit. B. Petty Cash, $80 credit C. Cash $80 credit and Cash Over and Short $5...

  • Question 1 August 1, 2019, Magic Cleaning Incorporated established a petty fund of $200. By the...

    Question 1 August 1, 2019, Magic Cleaning Incorporated established a petty fund of $200. By the end of August there was $7 cash on hand and the fund contained the following petty cash tickets: • Delivery, $64.00 • Freight, $45.00 Supplies, $15.00 • Postage, $6.00 • Catering, $55.00 . Required Prepare the journal entries in the template below to record the establishment and replenishment of the petty cash fund. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Question 2 The...

  • 1). An aging of Calypso Company's accounts receivable indicates that $40,000 is estimated to be uncollectible....

    1). An aging of Calypso Company's accounts receivable indicates that $40,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $6,000 credit balance, the adjustment to record bad debts for the period will require a: A) Debit to Bad Debts Expense for $34,000 B) Debit to Allowance for Doubtful Accounts for $34,000 C) Debit to Bad Debts Expense for $40,000 D) Credit to Allowance for Doubtful Accounts for $40,000 2) After completing a bank reconciliation, you are...

  • ACC 106 Handout 7: Petty Cash and bank reconciliation Exercise 1: Salle-Peru Co. uses an imprest...

    ACC 106 Handout 7: Petty Cash and bank reconciliation Exercise 1: Salle-Peru Co. uses an imprest petty cash system. The fund was established on March 1 with a balance of $150. During March the following petty cash receipts were found in the petty cash box Date Receipt No. For Amount 5/3 Stamp Inventory Freight-out exp. Miscellaneous exp. Travel exp. Miscellaneous exp. The fund was replenished on March 15 when the fund contained $5 cash. Instructions Journalize the entries in March...

  • Can someone help me fix the cells I missed in these two ledgers? Required: 1. Prepare...

    Can someone help me fix the cells I missed in these two ledgers? Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31, 2017). General Journal Credit No 1...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT