Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem: Hukes Gallery had the following petty cash operations in February of the current year:

Feb. 2 Wrote a $300 check, cashed it, & gave the proceeds and the petty cashbox 10 Bo Brown, Establish, reimburse, & rise petty cashier, petty cash five Purchased bond paper for the copier for $10.13 that is immediately used.

9

Paid $22.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Metro uses the perpetual system to account for merchandise inventory. 

12

Paid $9.95 postage to express mail a contract 10 a client. 

14

Reimbursed Alli Buck, the manager, $58 for business mileage on her car. 

20

Purchased stationery for $77.76 that is immediately used. 

23

Paid a courier $18 to deliver merchandise sold to a customer, terms FOB destination. 

25

Paid $15.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 

27

Paid $64 for postage expenses. 

28

The fund had $21.23 remaining in the petty cash box, sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.

The fund amount is also increased to $400.

Required

[A] Create journal entry to establish the petty cash fund.

[B] Create a petty cash payments report for February with these categories: postage expense, merchandise inventory, delivery expense, mileage expense (for transportation-in), & office supplies expense.
Sort the payments into the appropriate categories and total the expenditures in every category.

[C] Create journal entries for part 2 to both (1) reimburse & (2) increase the fund amount.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921706

Have any Question? 


Related Questions in Accounting Basics

Question list the penalties imposed on the employer for the

Question: List the penalties imposed on the employer for the following: a. Filing Form 941 late. b. Seven days late making a deposit. c. Issuing a bad check to the IRS.

Big alrsquos pizza emporium a subsidiary of big alrsquos

Big Al’s Pizza Emporium, a subsidiary of Big Al’s Pizza, Inc., has decided to sell frozen pizzas in its restaurants. Restaurant customers will take these pizzas home and cook them. The restaurants will sell frozen meat p ...

Bull in the citation schusters express inc 66 tc 588 1976

• In the citation Schuster's Express, Inc., 66 T.C. 588 (1976), aff'd 562 F.2d 39 (CA-2, 1977), nonacq., to what do the 66, 39, and nonacq. refer? • Is there an automatic right to appeal to the U.S. Supreme Court? If so, ...

What characteristics must the convertible bonds display in

What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition?

Essay objectivethe objective of this case study is to

Essay Objective: The objective of this case study is to understand Australian Conceptual Framework in accounting standard setting and in business practices. Discussions: You should select a company listed on the Australi ...

Accounting and businesshow does the business maintain its

ACCOUNTING AND BUSINESS How does the business maintain its financial records? Who does the accounting for the business? What accounting or records is used? Who periodically reviews and analyzes the accounting records? Wh ...

Accounting concepts and practices assignment-you are an

Accounting Concepts and Practices Assignment- You are an accountant at WCP Accountants & Investment Advisers. You have been approached by a client for your professional advice on investing in Woolworths Ltd. Your client ...

Rauacutel esparza the ecommerce manager for moonlight mugs

Raúl Esparza, the ecommerce manager for Moonlight Mugs, a company that sells customized coffee mugs, would like to send information to another company that maintains the warehouse and provides shipping services. Order in ...

Practice questionsdescribe what is meant by the term cost

Practice questions: Describe what is meant by the term cost of goods sold and the importance of the calculation in arriving at a figure of gross profit. Answer should be illustrated with a worked example.

Activity no the record the following transactionsjuly

Activity No. The record the following transactions: July      5          Received PHP850 cash from customers on account.             10         Billed customers for services performed, PHP6,300.             15         Pa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate