Homework Answers
Solution 1:
| Journal Entry | ||
| Particulars | Debit | Credit |
| Freight in Dr | $27.60 | |
| Postage expense Dr | $40.00 | |
| Miscellenous expense Dr | $68.00 | |
| Cash over and short Dr | $5.00 | |
| To Cash | $140.60 | |
| (To replenish the petty cash fund) | ||
Solution 2:
| Journal Entries | ||
| Particulars | Debit | Credit |
| Petty Cash Dr | $50.00 | |
| To Cash | $50.00 | |
| (To increase petty cash fund) | ||
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Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14...
Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 20 units at $90 120 units at $92 90 units 60 units at $95 58 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $4,744 O $4,750 $4,940 $4,790 Click if you would like to Show Work for this question: Open Show Work Question 14 The petty cash fund of...
Question 13 Blue Company is unable to reconcile the bank balance at January 31. Blue's reconciliation...
Question 13 Blue Company is unable to reconcile the bank balance at January 31. Blue's reconciliation is as follows. 55,300 1,490 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $6,765 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $5,905 950 1,860 $6,815 (a) Prepare a correct bank reconciliation. (List items that increase cash balance first.) BLUE COMPANY Bank Reconciliation January 31 Click if you would like...
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Oriole Company uses an imprest petty cash system. The fund was established on March 1 with...
Oriole Company uses an imprest petty cash system. The fund was
established on March 1 with a balance of $120. During March, the
following petty cash receipts were found in the petty cash
box.
Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
38
14
5
Miscellaneous Expense
8
The fund was replenished on March 15 when the fund contained $6 in
cash. On March 20,...
Exercise 7-22 Sheffield, Inc, decided to establish a petty cash fund to help ensure internal control...
Exercise 7-22 Sheffield, 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. re inte ts small cash 1. On April 1, it established a petty cash fund in the amount of $239 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. $70 Delivery charges paid on merchandise purchased Supplies...
Please help! I cannot figure out how to correctly solve the Petty Cash account problem. Problem...
Please help! I cannot figure out how to correctly solve the
Petty Cash account problem.
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Question 13 Blue Company is unable to reconcile the bank balance at January 31. Blue's reconciliation is as follows. 55,300 1,490 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $6,765 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $5,905 950 1,860 $6,815 (a) Prepare a correct bank reconciliation. (List items that increase cash balance first.) BLUE COMPANY Bank Reconciliation January 31 Click if you would like...
View History Bookmarks Window Help edugen.wileyplus.com WPLUS Concord Corporation s that count be Return to Blackboard II U S Kimmel, Financial Accounting. De Help System Announcements RCES Multiple Choice Question 222 Concord Corporation reports the following ledger account balances at June 30, 2022: $1932 2818 3864 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Assuming that all of the accounts have...
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edugen.wileyplus.com AUDINI Weygandt, Accounting Principles, 13e ey PLUS Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT 156800 Cash ENT RESOURCES 13 EXAM -Choice n 100 -Choice SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT -Choice 130 Choice 58 Choice 2.59 Choice Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of 7/10, 1/30. The cost of the merchandise sold was $86,140. During the discount period, Peter Company returned $6,000 of merchandise...
Oriole Company uses an imprest petty cash system. The fund was
established on March 1 with a balance of $120. During March, the
following petty cash receipts were found in the petty cash
box.
Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
38
14
5
Miscellaneous Expense
8
The fund was replenished on March 15 when the fund contained $6 in
cash. On March 20,...
Exercise 7-22 Sheffield, 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. re inte ts small cash 1. On April 1, it established a petty cash fund in the amount of $239 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. $70 Delivery charges paid on merchandise purchased Supplies...
Please help! I cannot figure out how to correctly solve the
Petty Cash account problem.
Problem 8-03A a-b (Video) Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215. 15 Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $3.80 in cash and these...
edugen.wileyplus.com/edugen/lt/main.uni PVPLUS Weygandt, Financial and Managerial, 3e VELU Help System Announcements sad, Study & Practice Assignment Gradebook ORION Downloadable eTextbook > Open Assignment ENT RESOURCES HW Exercise 9-13 al-a2 (Video) Sunland Company, organized in 2020, has the following transactions related to intangible assets se 9-00 1/2/20 4/1/20 7/1/20 9/1/20 Purchased patent (6-year life) Goodwill purchased (indefinite lite) 1 4-year franchise; expiration date 7/1/2034 Research and development costs $540,000 360,000 532.000 se 9-07ala 158,000 se 9-08- e-09 Video cise 9-12 Prepare...
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