A petty cash fund was established with a $600 balance
It currently has cash of $130 and petty cash tickets as shown below:
Travel expense $115
Office supplies expense 310
Equipment rental expense 45
Which of the following would be the journal entry to replenish the Petty Cash account?
A) debit various expenses $470; credit Cash $470
B) debit various expenses $470; credit Petty Cash $470
C) debit Cash $130; credit various expenses $130
D) credit Petty Cash $470; debit Cash $470
A .Calculations: $600 - $130 = $470
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A) represents the seller's performance obligation. B) arises when a customer's payment of consideration occurs prior to the seller's performance under the contract. C) represents the seller's unconditional right to receive consideration from a customer. D) arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time.
What are conversion costs? In determining equivalent units of production, why are conversion costs calculated separately from direct materials?
What will be an ideal response
When a Motorola executive said "That evaluation is …. perhaps the most cost-effective, value-added business consultation available anywhere in the world today" he was referring to?
A. ?ISO 9000 standards. B. ?the Six Sigma philosophy. C. ?Deming's 14 Points. D. ?the Malcolm Baldrige Quality Award.
Puri Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 400 Materials costs$4,800 Conversion costs$3,300 Percent complete with respect to materials 85%Percent complete with respect to conversion 45%Units started into production during the month 5,800 Units transferred to the next department during the month 5,100 Materials costs added during the month$69,500 Conversion costs added during the month$82,300 Ending work in process inventory: Units in ending work in process inventory 1,100 Percent complete with respect to materials 55%Percent complete with respect to
conversion 45% The cost per equivalent unit for conversion costs for the first department for the month is closest to: A. $16.14 B. $15.96 C. $15.20 D. $18.33