Mountain View Consulting established a petty cash fund of $800. At the end of the month, the fund contained $135 in cash and receipts for office supplies ($187), courier services ($226), and client meals ($242). What is the amount of the discrepancy in the petty cash fund?
Q: I need help with this general accounting question using standard accounting techniques.
A: Step 1: Detailed explanation of Direct Materials Quantity VarianceDirect Materials Quantity Variance…
Q: Hello tutor please given General accounting question answer do fast and properly explain all answer
A: Step 1: DefinitionsEconomic Order Quantity (EOQ) is the optimal number of units to order that…
Q: Need help general accounting question
A: To adjust for the interest earned on the promissory note, you need to recognize the interest revenue…
Q: What is the gross profit?
A: Explanation of Gross Profit:Gross profit is the amount remaining from sales revenue after…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: Detailed Explanation of Factory Overhead AllocationFactory Overhead Allocation refers to the…
Q: Your manager asks you to compute the company's cash conversion cycle. Looking at the financial…
A: To calculate the Cash Conversion Cycle (CCC), we use the formula:CCC = Days Inventory Outstanding…
Q: Kling Company was organized in December Year 1 and began operations on January 2, Year 2. Prior to…
A: Step 1:Expense for Year 1: ParticularsAmount ($)Cost of hiring new employees3,000Attorney's…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: Step 1: Introduction to inventoryInventory refers to the goods and materials that a company holds…
Q: The cost based using the absorption costing approch is
A: Explanation of Absorption Costing:Absorption costing is a method used to assign all manufacturing…
Q: Your supervisor at Clearview Corp. asks you to compute the company's cash conversion cycle. Looking…
A: Step 1: Define the cash‐conversion‐cycle componentsThe cash conversion cycle (CCC) measures how long…
Q: Hello tutor please given General accounting question answer do fast and properly explain all answer
A: Step 1: Detailed Explanation of Change in Net IncomeWhen evaluating the discontinuation of a…
Q: Can you solve this financial accounting problem using accurate calculation methods?
A: Step 1: Definition of Over-Applied or Under-Applied Overhead Over-applied or under-applied overhead…
Q: Hello tutor please given General accounting question answer do fast and properly explain all answer
A: Step 1: Detailed Explanation of Net SalesNet Sales are calculated by deducting estimated sales…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Detailed Explanation of Factory OverheadFactory Overhead (Manufacturing Overhead) includes…
Q: I need assistance with this financial accounting problem using appropriate calculation techniques.
A: Step 1: Definition of Cash Received from CustomersCash received from customers refers to the actual…
Q: Can you solve this general accounting question with the appropriate accounting analysis techniques?
A: Step 1: Definition of Retained EarningsRetained Earnings are a component of stockholders' equity…
Q: Calculate the cost of goods sold for the period
A: Explanation of Periodic Inventory System: The periodic inventory system is an accounting method…
Q: Depreciation is classified as a(n):a) Assetb) Expensec) Liabilityd) Revenue
A: Explanation:Depreciation is the systematic allocation of the cost of a tangible fixed asset (like…
Q: Please provide the correct answer to this financial accounting problem using valid calculations.
A: Step 1: Definition of Gross Profit Percentage and Inventory Turnover RatioGross Profit Percentage is…
Q: The total overhead variance is
A: To calculate the total overhead variance, we compare the applied overhead to the actual overhead…
Q: During 2019, Driscoll Company earned revenues of $175,000, had expenses of $128,000, purchased…
A: Explanation of Net Income:Net income is the amount of profit a company earns after subtracting all…
Q: I am trying to find the accurate solution to this general accounting problem with the correct…
A: Step 1: Definitions Concept of Raw Materials Inventory:Raw materials inventory represents the cost…
Q: I am looking for the correct answer to this general accounting problem using valid accounting…
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: Can you help me solve this financial accounting problem with the correct methodology?
A: Explanation of Break-even Point:The break-even point is the level of sales at which total revenue…
Q: Provide answer
A: To find the current stock price, use the formula:Price = P/E ratio × Earnings per shareGiven:P/E…
Q: What cost would Kahol estimate for 1 order of 4 baked goods if she estimate that it will take 6…
A: To calculate the total activity-based cost for 1 order of 4 baked goods that requires 6 mixing…
Q: Get correct answer with accounting question
A: Step 1: Detailed Explanation of (Direct Labour Variances)Direct Labour Variances are used in…
Q: What is the carrying amount of the patent on 31 July 2022?
A: Concept of Patent:A patent is an intangible asset that grants a company the exclusive legal right to…
Q: Can you solve this financial accounting question with the appropriate financial analysis techniques?
A: Step 1: Definition of Net Income Net income, often referred to as the bottom line, is the amount of…
Q: During 2019, Driscoll Company earned revenues of $175,000, had expenses of $128,000, purchased…
A: Explanation of Revenues: Revenues represent the inflows of economic benefits earned by a company…
Q: The total assets of a company amount to $845,000, while the total liabilities are $315,000.
A: Concept of Assets:Assets are economic resources owned or controlled by a business that are expected…
Q: Don't use ai given answer accounting
A: Step 1: Detailed Explanation of Asset TurnoverAsset Turnover measures how efficiently a company uses…
Q: I need help with question is correct answer and accounting
A: To calculate gross profit, we use the formula:Gross Profit = Sales - Cost of Goods Sold (COGS)From…
Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution
A: The formula for CAPM is:Required Rate of Return=Risk-Free Rate+β×(Expected Market Return−Risk-Free…
Q: Please explain the solution to this general accounting problem with accurate principles.
A: Step 1: Detailed Explanation of Accounting EquationThe accounting equation is the fundamental…
Q: What is Solaris's break-even point in sales dollars?
A: Concept of Break-Even Point:The break-even point is the level of sales at which total revenue equals…
Q: What is the amount of net income during 2023?
A: Step 1: Calculate Owner'sEquity at the beginning and end of 2023Owner's Equity = Assets -…
Q: Doom manufacturing products a single product and has the following cost structure:
A: Concept of Absorption Costing:Absorption costing is a costing method that includes all manufacturing…
Q: Provide Answer
A: Provided Data:Inventory on March 1 = $420,000Raw materials purchased in March = $790,000Raw…
Q: A university's bookstore has an average textbook price of $78.50. Variable costs are $42.75 per…
A: Explanation of Fixed Costs:Fixed costs are the business expenses that do not change with the level…
Q: What is the correct answer with accounting question
A: Step 1: Definition of Liability for Reward RedemptionsLiability for reward redemptions is the…
Q: Please explain the solution to this general accounting problem using the correct accounting…
A: Step 1: Detailed Explanation of Weighted Average Cost Per UnitThe Weighted Average Cost per Unit…
Q: None
A: To calculate the degree of operating leverage (DOL) at the given level of output, we need to follow…
Q: I need the correct answer to this financial accounting problem using the standard accounting…
A: Step 1: Definition of Contribution MarginThe contribution margin (CM) represents the portion of…
Q: Hi expert please given correct answer with accounting question
A: Step 1: Detailed Explanation of Contribution MarginContribution Margin is the difference between…
Q: Financial Accounting question
A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a company uses…
Q: Please provide the solution to this general accounting question using proper accounting principles.
A: To find the total cost of Job W45 when it is completed in October, we need to add up the…
Q: The installment method of revenue recognition is primarily used for_. (a) Service contracts (b)…
A: Explanation of Installment Method of Revenue Recognition: The installment method is an accounting…
Q: I am searching for the accurate solution to this financial accounting problem with the right…
A: Step 1: Detailed Explanation of Days Sales of Inventory (DSI)Days Sales of Inventory (also known as…
Q: Don't use ai general accounting question
A: Step 1: Detailed Explanation of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the…
I need help with this problem and accounting question
Step by step
Solved in 2 steps
- On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. 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. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 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. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
- Can you explain the correct methodology to solve this general accounting problem?The petty cash administrator at Evergreen Business Solutions performed the weekly reconciliation. The fund was established at $950, with receipts showing staff refreshments $210, postage $145, and parking fees $265. When counting the remaining cash, only $275 was found. The manager asked to determine the discrepancy amount.A company establishes a petty cash fund for $400. By the end of the month, employees had made the following expenditures from the fund: supplies, $134; fuel for deliveries, $120; postage, $71; miscellaneous, $33. Record the entry to recognize expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the entry to recognize expenditures from the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
- On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $900. Prepare journal entries for the following transactions: A. 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 $148. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $185, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $49. The cash on hand at this time was $310. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $120. D. On September 29, the company determined that the petty cash fund…Mitchell Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $550 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $194 for janitorial services. b. Paid $145 for miscellaneous expenses. c. Paid postage expenses of $97. d. Paid $48 to The County Gazette (the local newspaper) for an advertisement. e. Counted $77 remaining in the petty cash box. May 16 Prepared a company check for $250 to increase the fund to $800. May 31 The petty cashier reports that $320 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $280. g. Reimbursed the office manager for business mileage, $140. h.…Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
- Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash remaining and petty cash receipts for postage $31, office supplies $22, and miscellaneous expense $40.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash remaining and petty cash receipts for postage $41, office supplies $22, and miscellaneous expense $31.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $60.00 Supplies purchased and used 25.00 Postage expense 33.00 I.O.U. from employees 17.00 Miscellaneous expense 36.00 The petty cash fund was replenished on April 10. The balance in the fund was $27. 3. The petty cash fund balance was increased $100 to $300 on April 20. Instructions Prepare the journal entries to record transactions related to petty cash for the month of April.
