Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1: To calculate: The amount of petty cash fund held on Sep 30.

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Answer 1

Question

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

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Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese’s current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,400.00 $ 960.00 Dental insurance 145.00 145.00 Life insurance 330.00 0 AD&D 165.00 0 Short-term disability 66.00 0 Long-term disability 33.00 0 401(k) 825.00 1,650.00 Social Security 3,341.49 3,341.49 Medicare 781.48 781.48 Tuition reimbursement 2,250.00 0 Total yearly benefit costs (employer) $ 14,336.97 Employee’s annual salary 55,000.00 The total value of the employee’s compensation $ 69,336.97 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.

Answer 2

Question

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Answer 6

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

Answer 7

Chapter 8, Problem P8.30BPGB

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

Answer 8

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

Answer 9

To determine

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

Answer 10

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

Answer 11

To determine

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

Answer 12

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Answer 13

To determine

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QC Ch. 8 - Prob. 3QC Ch. 8 - Prob. 4QC Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - Prob. 7QC Ch. 8 - Prob. 8QC Ch. 8 - Prob. 9QC Ch. 8 - Prob. 10QC

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1: To calculate: The amount of petty cash fund held on Sep 30.

Concept explainers

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

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Chapter 8 Solutions

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1: To calculate: The amount of petty cash fund held on Sep 30.

Concept explainers

Introduction: Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1: To calculate: The amount of petty cash fund held on Sep 30.

Requirement 2(a):- To calculate: Journalize the entry to create the fund

Requirement 2(b):- To calculate: Journalize the entry to replenish the fund

Requirement 3:- To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.

Want to see the full answer?

Chapter 8 Solutions

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:

To calculate: The amount of petty cash fund held on Sep 30.

Requirement 2(a):-

To calculate: Journalize the entry to create the fund

Requirement 2(b):-

To calculate: Journalize the entry to replenish the fund

Requirement 3:-

To calculate: Journalize the entry on Oct 1 to increase the fund balance to $525.