Prepare the journal entries for the following petty cash transactions of Morrison Dental Supplies
Aug. 1 Established a petty cash fund with a $200 balance.
Aug
31 The petty cash fund has $43 in cash and $154 in petty cash tickets there were issued to pay for Office Expense ($75 ) and Repair Expense ($79 ). Replenished the fund and recorded the expenditures.
Oct. 15 Increased the balance of the petty cash fund to $250.
What will be an ideal response
Aug. 1 Petty Cash 200
Cash 200
Aug. 31 Office Expense 75
Repair Expense 79
Cash Short & Over 3
Cash 157
Oct. 15 Petty Cash 50
Cash 50
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Which entry would be the correct entry to record that a hospital has provided patient services for $200,000, of which 25% will be billed to a third party? DEBITCREDITA.Accounts Receivable-Patients $200,000Patient Service Revenue $200,000B.Accounts Receivable-Patients $150,000Accounts Receivable-Third Party $50,000Patient Service Revenue $200,000C.Accounts Receivable-Patients $50,000Accounts Receivable-Third Party $150,000Patient Service Revenue $200,000D.Accounts Receivable-Patients $200,000Patient Service Revenue $50,000Accounts Receivable - Third Party $150,000E.Patient Service Revenue $200,000Accounts Receivable-Patients $150,000Accounts Receivable-Third Party $50,000
A. Option B. B. Option C. C. Option A. D. Option E. E. Option D.
Which of the following is/are true?
a. Firms sometimes issue bonds with stock warrants attached and allocate the amount received between the bonds and the warrants based on their respective fair values. b. When firms issue convertible bonds U.S. GAAP requires firms to allocate the full issue price to the bonds and none to the conversion feature. c. IFRS requires firms to allocate the issue price between the bonds and the conversion feature. d. Under IFRS, the firm allocates the issue price of bonds with terms similar to those issued but without the conversion feature to the bonds and the remainder of the issue price to the conversion option. e. all of the above
Service, repair work, and accessories may be important considerations in a consumer's decision to purchase a particular shopping product.
Answer the following statement true (T) or false (F)
You have decided that the correct course of action for you is to form a general partnership with your best friend, Ben. The two of you have known each other for several years and there is a high degree of trust and respect between you. Someone in your business class mentioned that you and Ben should probably develop a partnership agreement. Why is this a prudent course of action, and what is normally included in the partnership agreement?
What will be an ideal response?