Prepare the journal entries for the following petty cash transactions of Allen Coffee Shop
Sept. 10 Established a petty cash fund with a $300 balance.
Sept
30 The petty cash fund has $105 in cash and $200 in petty cash tickets there were issued to pay for Delivery Expense ($115 ) and Postage Expense ($85 ). Replenished the fund and recorded the expenditures.
Oct. 15 Decreased the balance of the petty cash fund to $250.
What will be an ideal response
Sept. 10 Petty Cash 300
Cash 300
Sept. 30 Delivery Expense 115
Postage Expense 85
Cash Short & Over 5
Cash 195
Oct. 15 Cash 50
Petty Cash 50
You might also like to view...
The Heath Corporation reported net income for 2018 of $177,500. Heath began the year with 100,000 shares of $5 par value common shares outstanding and 2,500 shares of $100 par value 8% preferred shares outstanding. On October 1, Heath sold 10,000 shares of common stock for $6 per share. Heath paid dividends to the common shareholders in December. The weighted average number of common shares used to compute earnings per share for 2018 is
A. 105,000. B. 100,000. C. 102,500. D. 110,000.
Which of the following is true about job satisfaction?
A. Progressive organizations do not care about the well-being of employees. B. Job satisfaction cannot be changed. C. Job satisfaction is not positively related with performance. D. Job satisfaction is related to other work-related attitudes
Anglo-Saxon versus continental differences have been summarized using all but which of the following characteristics?
a. Strength of the accounting profession b. Population size c. Strong equity markets as opposed to credit financing from major banking institutions d. The importance of the country’s legal system relative to the setting of accounting rules
A "budget," "no-frills" airline may employ all of the following except:
a. Limited aircraft models used b. First-class seating c. Online-only ticket reservations d. No meal offerings