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Homework answers / question archive / Memorex Arrangements has just completed operations for the year ended December 31, 2024
Memorex Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Memorex Arrangements) Prepare the income statement of Memorex Arrangements for the year ended December 31, 2024. (If a box is not used in the table leave the box empty, do not select a fabel or enter a zero) Net Income Data Table Insurance Expense Service Revenue Unities Expense Rent Expense Common Stock Cash Retained Esminga, January 1, 2024 2,000 Salaries Expense 72,000 Accounts Payable 900 Office Supplies 11,000 Dividends 6,500 Accounts Receivable 5.600 Equipment 4,700 38.000 16.500 1,800 4.200 6,000 30 200 Print Done
Prepare the journal entries for the following petty cash transactions of Pawnee Gaming Supplies Established a petty cash fund with a $150 balance The petty cash fund has $14 in cash and $144 in petty cash tickets that were issued to pay for Office Supplies ($34) and Entertainment Expense (8110). Replenished the fund and recorded the expenses Jan. 15 Increased the balance of the petty cash fund to $300. Dec. 1 Dec. 31 abbreviate) Prepare journal entries. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. Check your spelting carefully and do not Journalize the establishment of the petty cash fund Accounts and Explanation Debit Credit Date Dec
1)
Memorex Arrangements
Income Statement
For the year ended 31, 2024
| Revenue : | ||
| Service Revenue | 72,000 | |
| Expenses : | ||
| Insurance Expense | 2,000 | |
| Utilities Expense | 900 | |
| Rent Expense | 11,000 | |
| Salaries Expense | 38,000 | |
| ______ | ||
| Less: Total Expenses | 51,900 | |
| Net Income | 20,100 |
Note : One box has not been used because "dividend" is not an expense, rather it is the distributed part of net income.
2)
Journal Entries
| Date | Accounts and Explanation | Debit | Credit |
| Dec 1 | Petty Cash | 150 | |
| Cash | 150 | ||
| [Petty Cash fund established ] | |||
| Dec 31 | Office Supplies | 34 | |
| Entertainment Expense | 110 | ||
| Cash short or over [ 34 + 110] - 136 | 8 | ||
| Cash [ 150 - 14] | 136 | ||
| [Expenses recorded and fund replenished ] | |||
| Jan 15 | Petty Cash [300 - 150] | 150 | |
| Cash | 150 | ||
| [Petty cash fund balance increased ] |
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