Reference no: EM131260907
Recording Petty Cash Account Transactions
During March, Anderson Company engaged in the following transactions involving its petty cash fund:
On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund custodian.
On March 4, the custodian paid $76 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment.
On March 12, the custodian paid $140 out of petty cash for office supplies. Anderson expenses supplies purchases as supplies expense.
On March 22, the custodian paid $27 out of petty cash for express mail services for reports sent to the Environmental Protection Agency. This is considered a miscellaneous expense.
On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totaling $243.
On March 31, Anderson issued a check for $243 to the custodian, replenishing the fund for expenditures during the month.
Prepare the journal entries required to record the petty cash account transactions that occurred during the month of March. If no entry is required, select "No entry required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
|
Determine the acquisition cost of the equipment
: On January 1, 2016, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8. Determine th..
|
|
Variable costing contribution format income statement
: During Heaton Company's first two years of operations, the company reported absorption costing net operating income as follows: Prepare a variable costing contribution format income statement for each year. Reconcile the absorption costing and the va..
|
|
What are long-term care insurance benefits
: What are long-term care insurance benefits? What is the criteria for exclusion? How is the exclusion calculated? (Please give as much bakground information and examples as possible). What is a fringe benefit? What are the different types? How is this..
|
|
Budget variance analysis
: The actual quantity of material used was 31,000 with an actual cost of $7.75 per unit. The actual labor hours were 33,000 with an actual rate per hour of $15. In your budget variance report, discuss each variance. What does the variance tell you? In ..
|
|
Recording petty cash account transactions
: Recording Petty Cash Account Transactions. During March, Anderson Company engaged in the following transactions involving its petty cash fund: On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund cust..
|
|
Long-term investment property as short-term property held
: As of January 20, 2015, preliminary financial statement numbers for the year ended December 31, 2014, have been compiled. It looks like Chiso will violate the current ratio loan covenant. Violation could be very costly in two ways. Reclassify "long-t..
|
|
Characteristics do not belong to process costing
: A job order cost system would be appropriate in the manufacture of: Which of the following is not one of the three types of inventories of a manufacturer? Which of the following represents the accumulated manufacturing costs of jobs started but not y..
|
|
Prepare tax research memo indicating
: Your client, a German named Werner, presented you with the following facts. Werner visited his brother Klaus, who immigrated to the United States eight years ago and has been living in Washington, DC. Your manager has asked you to prepare a tax resea..
|