BUSINESS HIGH SCHOOL

Paloma Company establishes a $200 petty cash fund on Jan 1. On January 8, the fund shows $107 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $28. Palmona uses the perpetual system in accounting for merchandise inventory.Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.

Answers

Answer 1
Answer:

Answer:

(1) establish the fund on January 1,

  • Dr Petty cash fund 200
  •     Cr Cash 200

(2) reimburse it on January 8

  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 93

(3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2.

  • Dr Petty cash fund 150
  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 243

The only difference between part 2 and 3 is that the Petty cash fund is increased by $150, and cash decreases by $243 instead of $93.

Related Questions

Ivan bought a $1000 bond with a 4.5% coupon that matures in 30 years. What are Ivan's total earnings for this bond when it reaches its maturity date?
Suppose that a company issues a zero-coupon bond (bond with no coupons, doesn't pay interest to the bondholders, but is negotiated at a discount). Those securities have face value of GBP 10,000, and maturity in exactly 16 years. The market rate is 8% and the interest is compounded semiannually.
When Corinne asked why she didn't get the job, the manager replied, "I needed someone who understood basic accounting practices and you do not." Which aspect of career readiness for this job did the manager feel Corinne was lacking?
Four trends in the past decade have significantly influenced the landscape of global marketing. one of them is
Which of the following is not a valid FICO credit score?A. 475 B. 375 C. 275 D. 575

Match each interest inventory assessment with its correct description.Tiles

1. Strong Interest Inventory
2. Kuder Occupational Interest Survey
3. Self-Directed Search
4. Campbell Interest and Skill Survey

Pairs

1. rates people on seven orientation scales
2. measures career and leisure interests, organizing them into four main areas
3. classifies people according to six different types to help match interests with a career choice
4. measures personal work interests in ten broad areas

Answers

1. Strong Interest Inventory ⇒ 2. measures career and leisure interests, organizing them into four main areas 

2. Kuder Occupational Interest Survey ⇒4. measures personal work interests in ten broad areas

3. Self-Directed Search⇒ 3. classifies people according to six different types to help match interests with a career choice

4. Campbell Interest and Skill Survey⇒1. rates people on seven orientation scales 

Answer: writes people on seven orientation scales: Campbell interest and skill survey

Measures career and leisure interests, organizing them into four main areas: strong interest inventory

Classifies people according to six different types to help match interest with a career choice: self-directed search

Measures personal work interest in 10 broad areas: Kuder occupational interest survey

Explanation: confirmed correct answers in taking stock of your values, interest, personality, and skills mastery test on Edmentum

What's the main advantage of establishing per-item prices on an order and pricing form?a. Clients have a way to tailor a catered event to their budget.
b. Clients are informed in advance that high-cost items should be excluded.
c. You can reduce the cost of materials and labor.
d. You can estimate your total cost and reduce overhead.

Answers

The best answer to the question that is being presented above would be letter a. The main advantage of establishing per-item prices on an order and pricing form is so that clients have a way to tailor a catered event to their budget.
The main advantage of establishing per-item prices on an order and pricing form is You can reduce the cost of materials and labor. The answer is letter C. The rest of the choices do not answer the question above.

According to the textbook, an organization should have only one central plan that guides the organization towards its goals. In other words, the plan should have: Accuracy Flexibility Unity Continuity Synergy

Answers

in other words, the plan should have Accuracy

No matter what plan you have, sometimes you have to make some adjustments in order to survive from the problems.

But whatever adjustments you made during that, it should not stray from the original central plan in order for the company to achieve its goals

compared to other market structures, which of the following are properties of a perfectly competitive market, and which are not?

Answers

Characteristics of a market with perfect competition is,

Many buyers and vendors: In a market that is totally competitive, multiple buyers and sellers, but none of them can affect the product's price. Products supplied in a market are all homogeneous, meaning they are all the same or very similar.

Perfect information: In an equilibrium price, all market participants have similar capabilities about the market, particularly product costs, standards, and availability.

No entrance or exit barriers: In a market with perfect competition, new firms can enter the market with ease and evolving firms can depart the market with ease and without incurring major expenses, buyers and sellers have little power to alter prices.

Characteristics not of a market with perfect competition:

Lack of product differentiation is necessary for perfect competition. Companies operating in other market configurations may distinguish their goods through distinctive branding or design elements.

Market power is absent . Organizations may have some level of market government and be able to affect prices in various market arrangements.

Long-term balance: Perfect competition results in long-term economic profits for businesses of zero. With alternative market configurations, businesses may experience long term economic gains.

Learn more about homogeneous here:

brainly.com/question/30587533

Money that your company has in the bank in case of unexpected financial needs or in case sales slow down is called

Answers

It is referred to as Liquid capital
emergency Funds , used to keep payroll or any other expenses going

Which of the following was not used as commodity money by the American colonies?a. wheat
b. tobacco
c. corn
d. cotton

Answers

D.) COTTON was not used as commodity money by the American colonies.

Wheat, Tobacco, and Corn were used as commodity money by the American colonies because these items were necessary or needed to sustain daily living.

Answer:

it is cotton

Gradpoint

Explanation:
Other Questions
1. What type of economic system exists when individuals answer the three basic economic questions?A. mixed B. market C. command D. traditional 2. What term defines the income paid to the owner of land, labor, or capital in return for productive service? A. cost B. price C. factor payment D. economic system 3. If a society answers the three basic economic questions by relying on ritual, ancestral laws, and religious dictates, what type of economic system is it using? A. mixed B. market C. command D. traditional
What is chain of command?
The first and most essential step towards doing what you love is:
The top managers of Promedium Inc. are creating a master budget for the company. They require a statement of the budget goals from each of its departments to be able to make an appropriate master budget. Karren, the manager of the sales department, overstates her needs in the budget and presents the statement to the top managers. The outcome of Karren's actions is known as _____.