User Account

All Pages

Prepare the journal entry to establish the petty cash fund

Assignment Help Accounting Basics
Reference no: EM131750565

Problem - On August 1, 2011, Stubble Station established a $200 petty cash fund. At the end of August the petty cash fund contained:

Cash on hand                                 $12.25

- Petty cash tickets for

postage                                          $65.50

office supplies                                 104.50

miscellaneous items                        19.25

Required:

a) Prepare the journal entry to establish the petty cash fund on August 1, 2011.

b) Prepare the journal entry on August 31, 2011, to replenish the petty cash fund.

c) Assume on August 31, 2011, after replenishing the petty cash fund, Stubble Station desires to increase the petty cash fund to $250. Prepare the necessary journal entry.

Reference no: EM131750565

Questions Cloud

Estimate the value of the inventory destroyed in the fire : Estimate the value of the inventory destroyed in the fire using the gross margin method
What values come into conflict in typical whistle-blowing : What values come into conflict in a typical "whistle-blowing" case?
What would the expected salvage value : A government agency that pays no taxes is evaluating whether to lease or to purchase an asset. In the latter case, financing could be obtained through a bank.
Create vertical and horizontal analysis excel spreadsheets : Create Vertical and Horizontal Analysis excel spreadsheets - Using your company's Income Statement reported in their Form 10-k.
Prepare the journal entry to establish the petty cash fund : On August 1, 2011, Stubble Station established a $200 petty cash fund. Prepare the journal entry to establish the petty cash fund on August 1, 2011
Determine that the remainder is lease financing : An asset worth $ 100,000 is leased by the XYZ Corporation for 5 years at $30,000 per year. Lease payments are due at the end of the year.
Which information is stored in the connection flow table : For a stateful packet-inspection firewall, which information is stored in the connection flow table - Select the term that refers to the data recipient's
Government-led anti corruption drive are putting the squeeze : China’s economic slowdown and the government-led anti corruption drive are putting the squeeze on Swiss luxury watch brands.
Prepare bank reconciliation for purple bay company : Required: Prepare bank reconciliation for Purple BAy Company dated June 30, 2011 and any required journal entries

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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