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Juli2301 [7.4K]
1 year ago
6

Jackson Co. needs to replenish its petty cash fund. Currently, it contains $11 in cash and receipts for supplies of $40 and deli

very expenses of $49. The fund was initially established with $100. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. (Check all that apply.) Supplies Expense is debited for $40. Cash is credited for $89. Petty Cash is credited for $89. Delivery Expense is debited for $49. Petty Cash is debited for $89.
Business
1 answer:
elena-14-01-66 [18.8K]1 year ago
4 0

Answer:

Supplies Expense is debited for $40

Cash is credited for $89

Delivery Expense is debited for $49

Explanation:

Petty cash is a small amount of fund which is kept in the business for day to day expenses. Cash is issued from this fund for daily small expense which is not possible to withdraw from the bank by check.

The Journal Entry will be as follow

                                         Dr.      Cr.

Supplies                            $40

Delivery​ expense             $49

Cash ( $100-$11)                          $89

Cash will be credited against all these expenses.

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On January 1, 2019, Lynch Company acquired 13% bonds with a face value of $50,000. The bonds pay interest on June 30 and Decembe
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Answer:

1) CR Cash/Bank $51,229.35 , DR Bonds Receivable Account $50,000 and DR Premium on Bond Payable Account.

(2) Please see attached for Investment Interest Income Amortization Schedule

(3) Recording of Interest Received

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Explanation:

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Download xlsx
5 0
2 years ago
Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own bus
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Answer: $4,000

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Hence,

economic profit = revenues - (interest + salary)

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2 years ago
Duckistan Production Possibilities A B C D E Civilian Goods 20 18 14 8 0 Military Goods 0 1 2 3 4 Herbania Production Possibilit
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Answer:

B. Herbania is technologically superior to Duckistan in producing civilian goods.

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Civilian Goods    20  18   14    8    0

Military Goods     0     1    2     3    4

opportunity cost  -     ¹/₁₈  ¹/₇  ³/₈   4     civilian goods

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Herbania Production Possibilities

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Civilian Goods    40  36  26   14   0

Military Goods     0    1     2     3    4

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opportunity cost  40 36   13  4.7   -     military goods

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