Journalize the petty cash transactions for swifty company

Assignment Help Accounting Basics
Reference no: EM132674021

Swifty Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215.

15 Replenished the petty cash fund by writing a check for $211.70. On this date, the fund consisted of $3.30 in cash and these petty cash receipts: freight-out $96.00, entertainment expense $45.20, postage expense $43.30, and miscellaneous expense $25.60.

16 Increased the amount of the petty cash fund to $325 by writing a check for $110.00.

31 Replenished the petty cash fund by writing a check for $308.40. On this date, the fund consisted of $16.60 in cash and these petty cash receipts: postage expense $141.00, entertainment expense $93.60, and freight-out $72.60.

Problem 1: Journalize the petty cash transactions.

Reference no: EM132674021

Questions Cloud

Strategic management process for an organization : Provide a brief summary of the organization and explain the organization's competitive advantage, strategy and key goals?
Determine the amount of net income allocated to each partner : Norr and Caylor established a partnership on January 1, 2020. Determine the amount of net income allocated to each partner for 2020.
How much of the gift is taxable to Charlene : Charlene receives a gift from her boyfriend of $10,000. He knows she is having financial problems and wants to help her. How much of the gift is taxable
Securities law-securities and exchange commission : Will the offering need to be registered with the Securities and Exchange Commission (SEC) under the Securities Act of 1933? Explain.
Journalize the petty cash transactions for swifty company : Journalize the petty cash transactions for Swifty Company. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian
Describe communication processes : Question: Describe communication processes and the importance of such when conducting applied research?
Describe four communication methods : Describe four communication methods that you may consider using in relation to applied research?
How much gain must Cindy recognize : How much gain must Cindy recognize on the transfer of the house to Allen? What is Allen's tax basis in the house for calculating tax
Which statements about contribution format income statement : Which statements about contribution format income statement is incorrect? It is used as an internal planning and decision making tool

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd