A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; transportation-in on inventory purchased, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
On May 31, a company had a balance in its accounts receivable of $103,895. Prepare the company's following transactions for June.
june 2 sold merchandise on account $14,000
june 8 sold $15,000 worth of accounts receivable to first bank. first bank charged a 3% factoring fee.
june 20 borrowed $30,000 cash from first bank, pledging $31,500 worth of accounts receivable as collateral for the loan.
On April 1, 2007, SAS Corp. purchased and placed in service a plant asset. The following information is available regarding the plant asset:
Acquisition Cost................................................ $130,000
Estimated Salvage Value.................................. $15,000
Estimated Useful Life........................................ 5 years
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods:
(a.) Straight-line.
(b.) Double-declining-balance.