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Belcher Inc. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. The journal entry to replenish the fund on January 31 is:

Miami Mining purchased a machine costing $120,000, terms 1/10, n/30. The machine was shipped FOB shipping point and freight charges were $2,000. The machine requires special mounting and wiring connections costing $10,000. When installing the machine, $1,300 in damages occurred. Compute the cost recorded for this machine assuming Miami Mining paid within the discount period.

The current ratio:

Feed the World Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:

Wild Wings had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash.

The following information is available from the adjusted trial balance of the Oxenberg Rentals. After closing entries are posted, what will be the balance in the Retained earnings account?         Total revenues $ 125,000 Total expenses   60,000 Retained earnings   80,000 Dividends   15,000

The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:

Accrued revenues at the end of one accounting period are expected to result in cash collections in a future period.

Accounts that appear in the balance sheet are often called temporary (nominal) accounts.

Feed the World Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be: