Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents. The amount of cash that petty cash fund should hold before it is replenished.

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Answer 1

Question

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

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Students have asked these similar questions

Suppose you take out a five-year car loan for $14000, paying an annual interest rate of 4%. You make monthly payments of $258 for this loan. Complete the table below as you pay off the loan. Months Amount still owed 4% Interest on amount still owed (Remember to divide by 12 for monthly interest) Amount of monthly payment that goes toward paying off the loan (after paying interest) 0 14000 1 2 3 + LO 5 6 7 8 9 10 10 11 12 What is the total amount paid in interest over this first year of the loan?

Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

Suppose you have an investment account that earns an annual 9% interest rate, compounded monthly. It took $500 to open the account, so your opening balance is $500. You choose to make fixed monthly payments of $230 to the account each month. Complete the table below to track your savings growth. Months Amount in account (Principal) 9% Interest gained (Remember to divide by 12 for monthly interest) Monthly Payment 1 2 3 $500 $230 $230 $230 $230 + $230 $230 10 6 $230 $230 8 9 $230 $230 10 $230 11 $230 12 What is the total amount gained in interest over this first year of this investment plan?

Answer 2

Question

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Expert Solution & Answer

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See solution

Answer 5

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Answer 6

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

Answer 7

Chapter 7, Problem 7.33BP

1.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

Answer 8

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

Answer 9

2.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to (a) create the fund and (b) replenishment of petty cash fund.

Answer 10

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Answer 11

3.

To determine

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents. The amount of cash that petty cash fund should hold before it is replenished.

Introduction: Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents. The amount of cash that petty cash fund should hold before it is replenished.

Introduction: Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents. To prepare: The journal entry to increase the petty cash fund.

Want to see the full answer?

Chapter 7 Solutions

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

The amount of cash that petty cash fund should hold before it is replenished.

Introduction:

Petty cash: The petty cash fund is created by the organization to keep a small amount of cash in hand to meet up the small general expenses. Petty cash is more liquid than cash and cash equivalents.

To prepare: The journal entry to increase the petty cash fund.