Read Each of the Following Transactions

question 74

Essay

Read each of the following transactions.Determine the accounts to be debited and credited.
A)Issued a check for $2,500 to Jaime Gomez,the owner,as a cash withdrawal for personal use.
B)Issued a check for $75 to establish a petty cash fund.
C)Issued a check for $50 to replenish the petty cash fund.An analysis of the payments from the fund showed the following totals: Supplies,$25;Delivery Expense,$10;Miscellaneous Expense,$15.

• A)Issued a check for $2,500 to Jaime Gomez,the owner,as a cash withdrawal for personal use.
• B)Issued a check for $75 to establish a petty cash fund.
• C)Issued a check for $50 to replenish the petty cash fund.An analysis of the payments from the fund showed the following totals: Supplies,$25;Delivery Expense,$10;Miscellaneous Expense,$15.

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Definitions:

Fiscal Year

A one-year period used for financial reporting and budgeting, which does not necessarily align with the calendar year.

Federal Government

The national government of a federal country that is responsible for national affairs, the implementation of federal laws, and the administration of common interests and national decisions.

Marginal

Referring to the effect of a change in one unit on an overall condition, often used in the context of marginal cost, revenue, and utility in economics.

Payroll Tax

Taxes imposed on employers or employees, usually calculated as a percentage of the salaries that employers pay their staff.