Journalize the entries to record the following:June 1 Established a petty cash fund of $200.30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20. Record any discrepancy in the cash short and over account.If an amount box does not require an entry, leave it blank. On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the units-of-production method. What isthe amount of depreciation for the second full year?Question.O ss2,000O S26,000O s20,000O s30,000On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. Which depreciation method will provide Alpha Corporation with the highest netincome in year 1?Question.O All methods would result in the same net incomeO double declining halanceOunits of productionO straight-line June 130

Journal Entry It is used to record the business transactions in an accounting systems.

Answered: Journalize the entries to record the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Journalize the entries to record the following:

June 1		Established a petty cash fund of $200.
30		The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20.

Record any discrepancy in the cash short and over account.

If an amount box does not require an entry, leave it blank.

On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the units-of-production method. What is
the amount of depreciation for the second full year?
Question.
O ss2,000
O S26,000
O s20,000
O s30,000
On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. Which depreciation method will provide Alpha Corporation with the highest net
income in year 1?
Question.
O All methods would result in the same net income
O double declining halance
Ounits of production
O straight-line

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions