Journalize the Entries to Record the Following

question 69

Essay

Journalize the entries to record the following:
Jun 1 Established a petty cash fund of $200
Jun 30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment $100; miscellaneous $20.
Record any discrepancy in the cash short and over account.
Journal

Understand the impact of different cost drivers (machine-hours, direct labor-hours) on overhead rates and product costing.

Calculate unit product costs within a job-order costing system.

Determine selling prices based on unit costs and markup percentages.

Apply overhead to jobs using predetermined overhead rates based on various cost drivers.

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Definitions:

Human Concern

A focus on the needs, well-being, and rights of human beings, often driving social initiatives and humanitarian efforts.

U.S. Army

The land warfare service branch of the United States Armed Forces, responsible for land-based military operations.

Instrumental Values

Values or ethical standards that are viewed as a means to an end, guiding how we achieve our goals.

Enabling Values

Refers to values that empower individuals or organizations to achieve goals or enhance performance.