User Account

All Pages

Prepare the entry to establish the fund on January

Assignment Help Accounting Basics
Reference no: EM133081424

Question - Palmona Company establishes a $230 petty cash fund on January 1. On January 8, the fund shows $117 in cash along with receipt the following expenditures: postage, $46; transportation-in, $15; delivery expenses, $17; and miscellaneous expenses, $35. Palmo uses the perpetual system in accounting for merchandise inventory.

Required -

1. Prepare the entry to establish the fund on January 1.

2. Prepare the entry to reimburse the fund on January 8 under two separate situations:

a. To reimburse the fund.

b. To reimburse the fund and increase it to $280.

Reference no: EM133081424

Questions Cloud

How much is the legal capital : Accumulated profits and losses, P1,900,000; and subscriptions receivable-ordinary, P400,000. How much is the legal capital
Calculate the break-even point in units and sales dollars : Management feels that this change will increase unit sales by 30%. Calculate the break-even point in units and sales dollars
Compute the NPV of the cash flows over four years : The machine costs $15,000 and has an economic life of four years. Compute the NPV of the cash flows over four years
Compute the quantity variances : Professors now recognize their own NIL opportunities. Professors Valentine and West have pursued their own NIL contracts: Compute the quantity variances
Prepare the entry to establish the fund on January : Palmona Company establishes a $230 petty cash fund on January 1. Prepare the entry to establish the fund on January 1
Find the value which would inform his choice of the approach : Suggest what information (in three examples) James should search for to find the value which would inform his choice of the approaches
Determine the amount by which net income would be misstated : Determine the amount by which net income would be misstated if Waldo failed to record these adjusting entries. (Ignore income tax expense)
Compute the franking credits that Alex must include : Fully franked dividends of $1,500 from ANZ Bank Ltd, which have been reinvested into new shares. Compute the franking credits that Alex must include
Identify prominent or influential stakeholder associated : Identify a prominent or influential stakeholder associated with the company you selected (Do not choose the CEO),

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