Dody’s Petty Cash Fund

Dody’s Petty Cash Fund in $2.50 only

On March 20, Dody’s petty cash fund of $105 is replenished when the fund contains $6 in cash and receipts for postage $50, freight-out $12, and travel expense $33.

Prepare the journal entry to record the replenishment of the petty cash fund.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit
Mar. 20

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Master Budget of Earrings Unlimited

Master Budget of Earrings Unlimited US$ 20 only (Instant Download)

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping

malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.

Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program. To this end, you have worked with accounting and other areas to gather the information assembled below.

The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings):

  January (actual)

20,000

  June (budget)

50,000

  February (actual)

26,000

  July (budget)

30,000

  March (actual)

40,000

  August (budget)

28,000

  April (budget)

65,000

  September (budget)

25,000

  May (budget)

100,000

The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month.

Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible.