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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.

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.

Accounting Information Systems
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter17: Acquiring And Implementing Accounting Information Systems
Section: Chapter Questions
Problem 13RQ
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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
Transcribed Image Text: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
June 1 30
Transcribed Image Text:June 1 30
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