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Problem 1 Flip Company uses animprestpetty cashsystem. Problem2:OnJanuary 1, 2014, FlapCompany

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Question;Problem1:FlipCompany;uses;animprestpetty;cashsystem.;The;fundwas;Receipt;Day;No.;For;Amount;5;1;Stamps;Postage;$21;7;2;Freight-out;24;9;3;Miscellaneous;Expense;6;11;4;Travel Expense;39;14;5;Miscellaneous;Expense;3;establishedonMay 1 witha;balanceof$100. During May;thefollowing petty cashreceipts;werefoundinthepetty;cash box.;Thefundwas replenishedonMay 30 whenthefundcontained$9;in;cash. OnMay 31, the;amountinthefundwasincreasedto;$175.;Instructions:Journalize the entries;inMay;thatpertainto theoperationofthepetty;cash fund. Problem2:OnJanuary 1, 2014, FlapCompany hadAccounts Receivable$139,000, Notes Receivable$25,000;and;AllowanceforDoubtful Accounts $13,200. The note receivableis;fromFloozy Company. Itis;a 4-month, 9%notedatedDecember31;Jan. 5 Sold$22,000 ofmerchandise to FlipCompany;terms;n/15.;Jan. 20 AcceptedFlipCompany's $22,000, 3-month, 9%note;forbalance;due.;Feb. 18 Sold$8,500 ofmerchandise to FlimCompany and;acceptedFlim's;$8,500, 6- month;6%notefor theamount;due.;Apr.;20 CollectedFlipCompany note;infull.;Apr.;30 Received payment;infull;fromFloozy Company onthe;amount;due.;May 25 AcceptedFlopInc.'s $6,000, 3-month, 6%note;insettlementof;a past-due;balanceon;account.;Aug. 18 Received;payment;infull;fromFlimCompany on notedue.;Aug. 25 TheFlopInc. note;was dishonored. FlopInc. isnotbankrupt,future paymentis anticipated.;Sept.;1 Sold;$12,200 ofmerchandise to Flam;Companyand;accepteda $12,200, 6- month;10%notefor theamountdue.;2013. FlapCompany prepares financial statements annually;atDecember31.;During the year, thefollowing selectedtransactions;occurred.Instructions;Prepare the general journal transactions.="msonormal">

 

Paper#37878 | Written in 18-Jul-2015

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