Journalize the establishment of the fund

Assignment Help Accounting Basics
Reference no: EM132557763

Question - On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting.

(a) Journalize the establishment of the fund.

(b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund.

(c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

Reference no: EM132557763

Questions Cloud

Find the adjusted cash balance per books on august : Find The adjusted cash balance per books on August 31 is? Determine the cash balance per books (before adjustments) for the Clark Company.
Weaknesses of the skills approach to leadership : Describe two strengths and two weaknesses of the Skills Approach to leadership.
What would be the gross profit margin for the dish : A dish has a cost of £2.95 and a selling price of £11.80 including VAT. What would be the gross profit margin for the dish
What is the benefit of the prefetch buffer : What is the benefit of the prefetch buffer the in the fetch-decode-execute cycle and Briefly explain how a superscalare architecture can alleviate
Journalize the establishment of the fund : On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting. Journalize the establishment of the fund
Skills model of leadership : The Skills Model of leadership outlines three "skills" needed for top management, middle management and supervisory management
What consolidate process of serial consolidation technique : Compare and contrast the two (2) different consolidation processes of serial and single consolidation techniques when indirect ownership interests exist.
Identify a code of ethics relevant to accountants : Explain the theory of cognitive dissonance and its relationship to how individuals may respond when confronted with an ethical situation
Prepare bank-account reconciliation : Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Prepare bank-account reconciliation

Reviews

Write a Review

Accounting Basics Questions & Answers

  This resulted in production of 4800 toothpick motors for

discover motor co. uses a standard cost system to collect costs related to the production of its toothpick motors. the

  End-of-month adjusting entries

1. After recording all the November transactions and the required end-of-month adjusting entries, the total expenses on the income statement for the month ending November 30, 2014 will be:

  Simple and compound interest

You invest $1,000 for five years at 5% simple interest at Bank 1. You invest $1,000 for five years at Bank 2 where interest at 5% is compounded annually. Compute the amounts that will be accumulated.

  Capital stock of a danish subsidiary

Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.

  Identify the cost of the ending inventory on balance sheet

The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet

  Compute the contribution margin per unit

Compute the contribution margin per unit of the limited resources (machine hours) for each product

  Discuss the rationale for using the allowance method

Discuss the rationale for using the allowance method based on credit sales to estimate bad debts. Contrast this method with the allowance method based on the balance in the trade receivables accounts.

  A property owner is withholding payment of property taxes

A property owner is withholding payment of property taxes pending appeal of the assessed valuation of the property for the current year. The city attorney believes the appeal will be denied. However the appeal action means that property taxes that..

  What are the primary information needs of each manager

If an item is a product cost not that it is a direct materials, What are the primary information needs of each manager

  Freeman steel company transferred herb porter

In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Ohio. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Ohio. Both states base the..

  Henry mintzberg 1973 depicts these dimensions in ten roles

henry mintzberg 1973 depicts these dimensions in ten roles common to the work of all managers. what are these ten roles

  Why should responsibility for related transaction be divided

Why should responsibility for related transactions be divided among different departments or individuals? Do you agree the transactions should be divided? Why or why not?

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