A company established a petty cash fund in November of the current year and experienced the following transactions affecting the fund during November:Nov. 1Established a $200 petty cash fund.5Paid $55 to acquire office supplies.8Reimbursed the company controller for $30 spent on beverages for recruits (entertainment expense).18Paid $45 for postage.20Paid $25 for C.O.D. charges on merchandise inventory, terms FOB shipping point.25Paid $40 for janitorial services.28When sorting the petty cash receipts to replenish the fund, the custodian noted that there was $10 cash remaining.Prepare the journal entries to establish the fund on November 1 and to reimburse the fund on November 28.
What will be an ideal response?
| Nov. 01 | Petty Cash | 200 | ? |
| ? | Cash | ? | 200 |
| Nov. 28 | Office Supplies | 55 | ? |
| ? | Entertainment Expense | 30 | ? |
| ? | Postage Expense | 45 | ? |
| ? | Merchandise Inventory | 25 | ? |
| ? | Maintenance Expense | 40 | ? |
| ? | Cash Over and Short | ? | 5 |
| ? | Cash | ? | 190 |
You might also like to view...
Currency risk is based on what assumption?
A) Firms that do not continuously innovate will lose market share. B) Values of foreign currencies continually rise and fall in most countries. C) Changing product lines by reacting to every current trend may alienate the customer base. D) The value of one dollar today is greater than the value of one dollar to be received one year from now. E) The U.S. stock market fluctuates daily.
Which of the following countries most likely has a comparative advantage?
A. A South American country that produces more coffee compared to an Asian country despite having equal resources B. An Asian country that manufactures more textile products than most countries by decreasing its production of tea C. An Asian country that produces quality automobiles with little opportunity cost compared to other countries D. A North American country that expands its trade relations to a neighboring country to share resources
Preliminary arrangements with clients should be set forth in the management letter.
Answer the following statement true (T) or false (F)
Once a brand's position is established, marketers rarely attempt to change it.
Answer the following statement true (T) or false (F)