Grace Jones was just hired as an accounting intern at your company. Canyou assist Grace and identify the incorrect statement regarding the cashbudget.Multiple ChoiceOCash payments may include outflows forinventory, selling and administrative expenses,and equipment purchases.The total cash available is calculated by addingcash receipts and the ending cash balance.The cash budget helps managers to anticipatecash shortages and excess cash balances. Grace Jones was just hired as an accounting intern at your company. Canyou assist Grace and identify the incorrect statement regarding the cashbudget.Multiple ChoiceOCash payments may include outflows forinventory, selling and administrative expenses,and equipment purchases.The total cash available is calculated by addingcash receipts and the ending cash balance.The cash budget helps managers to anticipatecash shortages and excess cash balances.

The cash budget is prepared to estimate the cash balance at the end of period. It helps to…

Grace Jones was just hired as an accounting intern at your company. Can you assist Grace and identify the incorrect statement regarding the cash budget. Multiple Choice O O Cash payments may include outflows for inventory, selling and administrative expenses, and equipment purchases. The total cash available is calculated by adding cash receipts and the ending cash balance.

Grace Jones was just hired as an accounting intern at your company. Can you assist Grace and identify the incorrect statement regarding the cash budget. Multiple Choice O O Cash payments may include outflows for inventory, selling and administrative expenses, and equipment purchases. The total cash available is calculated by adding cash receipts and the ending cash balance.

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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A. Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $25, Postage Expense $88, Miscellaneous Expense $72. Cash on hand is $15. C. Increased petty cash by $100. Record these transactions. If an amount box does not require an entry, leave it blank. А. В.
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $17, Postage Expense $90, Miscellaneous Expense $68. Cash on hand is $30.C. Increased petty cash by $150. Record these transactions. If an amount box does not require an entry, leave it blank. A. Petty Cash Petty Cash Cash Cash B. Auto Expense Auto Expense Office Expense Office Expense Postage Expense Postage Expense Miscellaneous Expense Miscellaneous Expense Cash Over and Short Cash Over and Short Cash Cash C. Petty Cash Petty Cash
How would I do this? You have been hired as the new controller for Acme Business Products. You discover that there are no formal procedures in place for processing cash receipts from customers. Your staff consists of the following: you, one general ledger accountant, one accounts receivable staff, one accounts payable staff, and one administrative assistant. Compose your responses to the following in the form of a narrative: A. Develop a step-by-step process for the intake, deposit, recording, and reconciling of cash payments received from customers. Be sure to defend your rationale for each step of your process. B. Provide recommendations as to who in your office should perform which process tasks. Why are these the most appropriate assignments? a) Predict the impact that would take place if one of your staff left and another were on leave. Recommend temporary adjustments to the process that would be necessary if this took place.
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A. Started a petty cash fund in the amount of $300.B. Replenished petty cash fund using the following expenses: Auto Expense $75, Office Expense $80, Postage Expense $90, Miscellaneous Expense $55. Cash on hand is $8.C. Increased petty cash by $50. Record these transactions. If an amount box does not require an entry, leave it blank.
The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Fees Earned Other Accounts Accts. Rec. Account Post. Cash Date Credited Ref. Cr. Cr. Cr. Dr.
am.104.
I have majority of the information I am missing something I believe. I can't upload more than two pictures to show the other ones that I have done. I know it's correct cause I can check as I go I am just confused now. T Accounts for the following cash: accounts receivable: equipment accumulated depreciation deferred revenue salaries and wages payable intereat Payable income tax payable notes payable common stock retained earnings service revenue travel expense salaries and wages expense interest expense depreciation expense income tax expense.
Elaborate and discuss the following quetions 1. While you are working as a bookkeeper in retail company, Sage 50 is giving you a warning message that the customer has exceeded his credit limit. What would you do? How would you advice your manager as a professional? 2. What is overdraft and how does it happen? 3. What is a Cash Flow Report? What does it help us? 4. Explain the concept of aging in customer accounts? 5. How do you record a Senior's Discount?
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. What is the correct journal entry?
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $15, Postage Expense $86, Miscellaneous Expense $74. Cash on hand is $35.C. Increased petty cash by $150. Record these transactions. If an amount box does not require an entry, leave it blank.
Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the petty c Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short ✔ by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order. Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short ✓ Travel Expense ✔ ✓ ✔ V 300 To replenish the petty cash fund 79 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 13 $100 $34 $14 $18 18 42 < 300 200