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Blossom Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $402. The fund is reimbursed when the cash in the fund is at $57. Petty cash receipts shows that funds were disbursed for $174 of supplies and $165 of freight charges on inventory purchases. Blossom uses a perpetual inventory system.
Problem 1: Blossom follows the practice of recording the purchase of supplies to the asset account. Prepare journal entries for the establishment of the fund and the reimbursement.
What will be the balance on September 1, 2024 in a fund which is accumulated by making $20,000 annual deposits each September 1 beginning in 2017, with the last deposit being made on September 1, 2024? Charlie Corp. is purchasing new equipment with a..
All of the following have played an important role in the globalization process of the world economy except ___. The conflict between owners, employees, suppliers, and customers of a company is known as ___.
Toby, owner of a cupcake shop in New York, is considering opening a similar business (i.e., a cupcake shop) in Phoenix. After spending $4,200 investigating such possibilities in Phoenix, Toby decides against opening the store. What is the maximum amo..
Internal users of accounting information include which one:
If? Daily's marginal tax rate is 35%?, what are the incremental earnings? (net income) associated with the new? machine?
The Albright Company manufactures rubber parts for the automobile industry. The company had planned to produce 4,750 units according to the November budget. Its material standard specifies a cost of $2.70 per gallon and usage of 1.5 gallons per unit...
Internal Control The university drama club is planning a raffle. The president overheard you talking about internal control to another accounting student, so she asked you to set up some guidelines to "make sure" that all money collected for the raff..
Would report the financial statements using IFRS or ASPE? You need to borrow money from the bank, and they have asked you for your most recent financial
Prepare and Show the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item
DSSS Corporation is considering a new project to manufacture widgets. The cost of the manufacturing equipment is $125,000. The cost of shipping and installation is an additional $10,000. The asset will fall into the 3-year MACRS class. The year 1- 4 ..
Maria opens a retirement account with a deposit of 1260 dollars. Each year, she makes another deposit that is 2.7 percent larger than the previous deposit. If the account pays an effective annual rate of interest of 8.4 percent, calculate the accumul..
show the impact of these transactions on a set of t-accounts and you must create a trial balance and adjusted trial balance. You will then close out the income statement accounts as you would at year end.
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