ACC 205 week 4 Assignment

Feb 3rd, 2012
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Week 4 AssignmentACC 205P7-31APart 1 : Before replenishment, petty cash fund should hold cash of $330(500-170)Part 2:DateJournal EntryAccounts and ExplanationsDebitJune 1Petty cash500Cash in bankCredit500To open the petty cash funds.June 30Entertainment expense (25+75)100Office supplies expense (35+15)50Postage expense20Cash short and over5Cash ($500-$325)July 1Petty cashCash in bankTo increase petty cash fund.1755050P8-32APart 12012201190+145+290)/560=(70+175+260)/600Acid test ratio= 0.94=0.84One days sale=net sales/365One days salesDays in sale in=5860/365=5140/365= $16.05=$14.08Aver. Net receivables/One days sales=((260+290)/2)/16.05Days in salesAccounts receivableturnover17((250+260)/2)/14.0818=net creditsales/average=5860/((260+290)/2)=5140/((250+260)/2=21.31=20.16Part-2:In 2011, acid test ratio is .84 while2012 is .94 in which there is a significan improved. Thistrend is favorable to the company. The one days sale also favorable to the company sinceits improved from 2011 to 2012 and finally, the accounts receivable improved from 2011to 2012, this trend favorable to the company.P8-26AAllowance MethodJournal EntryDateAccounts and ExplanationsDebitAccounts receivable590,000Sep30Sales revenue30Cash590,000627,000Accounts receivable30Uncollectible account expenseCredit627,00017,700($590,000 x .03)Allowan

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