AB Ltd.has a petty cash account that is set at $2,400. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $800 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment? $
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- Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the first month the accumulated receipts represent $60 for delivery expenses, $138 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $10. The Journal entry to reimburse the fund will include: O Credit to Cash Over and Short for $17 O Credit to Petty Cash for $250 O Debit to Cash Over and Short for $7 O Debit to Cash for $233AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?AB Ltd has a petty cash account that is set at $8,400. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $3,800 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment? $
- Rapid Delivery Services cash count at the end of the day totals $12,580 and the cash registertape shows $12,415. The amount of the change fund is $250. Rapid Delivery Services wouldrecord the revenue for the day as follows: a. Cash 12,580 Income from Services 12,580 b. Cash 12,430 Cash Short and Over 15 Income from Services 12,415 c. Cash 12,415 Income from Services 12,415 d. Cash 12,415Cash Short and Over 15Income from Services 12,430Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the first month the accumulated receipts represent $60 for delivery expenses, $138 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $10. The Journal entry to reimburse the fund will include: O Debit to Cash for $233 O Debit to Cash Over and Short for $7 O Credit to Petty Cash for $250 O Credit to Cash Over and Short for $17 Moving to another question will save this response. Question 6 ofAB Ltd. established a petty cash fund for $1,310. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $565 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $ Question 1 is written and question 2 is in the pictures
- 1. A petty cash fund had $200 and the cash payments report shows $300 in miscellaneous expenses and $30 cash left. This means that the fund is (short or over ) by $ 1-Jun Miscellaneous Expenses Cash over and short Cash (Cash balance - Cash remaining) Debit Credit 2. On July 15, TechCom has $200 of credit card sales with a 4% fee. Please construct a journal entry for such transaction.CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of the following months of activity: The petty cash box contained $32 on October 31 along with receipts for $150 for cleaning, $35 for postage, and $63 for delivery expenses. On November 30, the petty cash box contained only two receipts, for a $105 computer repair and a $131 entertainment expense. The petty cash custodian counted cash remaining of $58. The petty cash box contained $15 on December 31 plus receipts for $61 for gas expense, $146 for office supplies, and $68 for entertainment expenses. In addition to replenishing the fund, it was increased by $80. Journal Entry 1. Record to reimburse the fund (Oct 31, 2020) 2. Record to reimburse the fund (Nov 30, 2020) 3. Record to reimburse the fund (Dec 31, 2020)
- During its first year of operations, G Company provides services on account of $250,000. By the end of the year, cash collections on these accounts total $130,000. The company estimates that 10% of accounts receivable will be uncollectible at the end of the year. On March 13, G Company writes off a customer's account of $3,800. On June 3, the customer unexpectedly pays the $3,800 balance. Required: a) Determine the uncollectible accounts expense for the year b) The balance in Allowance for Doubtful Accounts c) The net realizable value of the accounts receivable d) Explain the relationship of Accounts Receivable and Allowance for Doubtful accounts and what type of questions can be answered by analyzing these two (2) items when checking the company's balance sheetThe custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Repairs Expense, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice Debit to Repairs Expense for $73. Credit to Merchandise Inventory for $137. Credit to Cash for $250. Debit Petty Cash for $232 Credit to Cash for $18.