Problem 7 Angat Buhay, a charitable organization in Muntinlupa City, has a standing agreement with First Standard Bank. The agreement allows Angat Buhay to overdraw its cash balance at the bank when donations are running low. In the past, Angat Buhay managed funds wisely and rarely used this privilege. BBM has recently become the president of Angat Buhay. To expand operations, BBM is acquiring office equipment and pending large amounts for Fundraising. During his presidency, Angat Buhay has maintained a negative bank balance of approximately P10,000. Required: What is the ethical issue in this situation? State why you approve or disapprove of BBM's management of Angat Buhay.
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- Asomdwe Support Centre is a small non-for profit charitable organization located in the northern part of Ghana. Due to its small size, the company can boast of only four full-time employees: two staff, an accountant, and an office manager. The majority of its funding comes from two main sources, domestic and international. Donors make pledges over the telephone. Some donors pay their pledge by credit card during the telephone campaign, but many prefer to pay in monthly installments by check. In such cases, the donor pledges are recorded during the telephone campaign, and the donors are then mailed pledge cards. Donors mail their contributions directly to the charity. Most donors send a check, but occasionally some send cash. Most donors return their pledge card with their check or cash donation, but occasionally the Family Support Center receives anonymous cash donations. Currently, the procedures employed to process donations are as follows:Akosua, a staff member who has worked for…Your friend Binna has a money market mutual fund account, automatic deposit of her paycheck into an interest-bearing checking account at the company credit union, and a CD from the local branch of a bank that advertises "coast-to-coast" banking. What is the benefit of "mixing and matching" financial institutions and their services? Question content area bottom Part 1 What is the benefit of "mixing and matching" financial institutions and their services? (Choose all that apply.) A. Increasing the flexibility of managing funds. B. Increasing risk due to increased investments. C. Minimizing service charges and other fees. D. Maximizing the returns and features from combined accounts.On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apг. 2
- O In June, a local Amtrak office established a petty cash fund with Terrell Noman as its custodian. Terrell received and cashed a company check of $175 to establish the fund. During that month, Terrell paid cash from the fund for supplies ($30), delivery charges ($80), and other minor office expenses ($40). On July 10, he received a company check for $150 to replenish the fund. Required: 1. Prepare the journal entry required in June. 2. Prepare the journal entry required in July. 3. Explain why it may be appropriate or inappropriate to wait until July to record the payments from the petty cash fund.On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12Hi guys. I need some help with the below. Thank Brief Exercise 4-35 (Algorithmic)Petty Cash with Change in Fund Balance Canary Inc. maintains a petty cash fund with a balance of $2,200. During the month of September, Canary's employees made routine expenses using cash from the petty cash fund totaling $1,580. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to $3,150. Canary classifies all petty cash transactions as miscellaneous expense. Required: Prepare a journal entry to record the petty cash activity. For a compound transaction, if an amount box does not require an entry, leave it blank. Petty Cash Fund fill in the blank 2 fill in the blank 3 Miscellaneous Expense fill in the blank 5 fill in the blank 6 Cash fill in the blank 8 fill in the blank 9
- Help meOn April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $40, contributions and donations of $13, and meals and entertainment of $94, and $219 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $430. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Petty Cash 135 Cash 135 On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 in cash. Journalize the replenishment of the fund. Round your answers to two decimal places. Mail and Postage expense 32.75contributions and donations 25.25meals and entertainment 68.00Cash short or over 0.75 Cash 125.25 On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. If an amount box does not require an entry, leave it blank. Petty cash 40Cash 40 Please let me know if I did it right?
- Required Information [The following information applies to the questions displayed below.] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $310 made payable to me. b. Tom Canuck provided a $90 receipt for repairs to the club's computer, so I paid $90 cash to him. c. Kim Harra provided a receipt for $70 for various supplies she planned to use to decorate the arena later this year. I paid $70 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $100. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $260, placing the cash Into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for…Question 14 On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of the fund. (b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. (c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event. Edit Yiew IncortLove Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer's loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income