Required informationExercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4[The following information applies to the questions displayed below.]Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 andvouchers for the following cash payments.Maintenance expenseOffice suppliesTransportation expense$72.0072.0037.00The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2)reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume thecompany uses the alternative approach to petty cash expense recognition and replenishment. b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field. Round your answers to 2 decimal places.)View transaction listJournal entry worksheetABсRecord entry for petty cash fund.Event1Note: Enter debits before credits.General JournalDebitCredit>

The petty cash fund is established to maintain the cash balance for day to day transactions of the…

b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < A B C Record entry for petty cash fund. Event 1 Note: Enter debits before credits. General Journal Debit Credit

b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < A B C Record entry for petty cash fund. Event 1 Note: Enter debits before credits. General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,439. The company's cash receipts for the month total $74,600, of which $71,365 has been deposited in the bank. In addition, the company has written checks for $72,509, of which $71,234 has been processed by the bank. The bank statement reveals an ending balance of $12,749 and includes the following items not yet recorded by Damon: bank service fees of $290, note receivable collected by the bank of $6,400, and interest earned on the account balance plus from the note of $1,020. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $860 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DAMON COMPANY Bank…
Make a journal entry for the 5 listed items above for a thumbs up
Solve question With given worksheet Also another question what accounts are to be credited and what accounts are to be debited with amounts
On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal
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please i need help with quickbooks, please tell me in quickbooks where do i supposed to records those transactions atwhich quickbooks window supposed to record? whether: bill (enter bills window)credit (enter bills window)bill pmt - check (pay bills window)check (write checks window)invoice (create invoices window)payment (receive payments window)sales receipt (enter sales receipts window)deposit (make deposit window)general journal (make general journal entries window)inventory adjust (adjust quantity/value on hand window)sales tax payment (pay sales tax window)paycheck (pay employees window)liability check (pay payroll liabilities window)transfer (transfer funds between accounts window)credit card charge (enter credit card charges window)credit memo (create credit memos/refunds window)discounts (receive payments window) Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month…
Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Sept. Nov. 1 1 1
1:53 PM Tue Nov 3 * 96% A ezto.mheducation.com [The following information applies to the questions displayed below.] Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount Deposits: 2/4 $ 2,000 Checks: 321 2/2 $4,000 2/11 1,600 322 2/8 450 2/18 2,500 323 2/12 1,800 2/25 3,400 324 2/19 1,500 Cash receipts: 2/26-2/28 900 325 2/27 250 $10,400 326 2/28 750 327 2/28 1,200 Balance on February 1 $ 6,100 $9,950 Receipts 10,400 (9,950) $ 6,550 Disbursements Balance on February 28 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $9,610. b. Cash receipts of $900 from 2/26–2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11…
Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for early payment. 2. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.
Asked this question before but the answer does not allow me to scroll and see the account titles and debit/credit. Only shows a grid.
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Instructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.