Journalize the Entries to Record the Following:?Sept

question 185

Essay

Journalize the entries to record the following:?Sept. 1Established a petty cash fund of $350.30The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, $116; postage, $100.?

Journal $$\begin{array} { | c | c | c | c | c | } \hline \text { Date } & \text { Description } & \begin{array} { c } \text { Post. } \\\text { Ref. }\end{array} & \text { Debit } & \text { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array}$$

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Definitions:

Net Operating Income

Profit derived from a company's operations after all operating expenses have been deducted from total revenue.

Unit Sold

The total quantity of units of a product that have been sold in a given period.

Contribution Margin Ratio

The contribution margin ratio measures the proportion of revenue remaining after variable costs are deducted, indicating the percentage of sales that contributes to fixed costs and profit.

Fixed Monthly Expenses

Expenses that do not change in total regardless of the level of activity, production, or sales within a given month.