The following cash advances were given to officers and employees of The DA- CAR: Advances for payroll-150,000; Advances for official local travel - 40,000; Advances for Operating Expense - 20,000; Advances for the agency's 25th anniversary-50,000. Actual disbursements are as follows: Payroll - 136,400; Travelling Expense - 30,000; Operating Expense - 18,000; Anniversary celebration - 50,000. 1. Assuming receivables are set-up, what is the compound entry to recognize the receivables from officers and employees for excess cash advances? 2. In relation to case 2, assuming there was no set up of receivables, what is the entry to recognize the collection of refund for the excess cash advances? 3. In relation to case 2, what is/are the entry/ies to recognize the return of the cashier's personal money to her?

The following cash advances were given to officers and employees of The DA- CAR: Advances for payroll-150,000; Advances for official local travel - 40,000; Advances for Operating Expense - 20,000; Advances for the agency's 25th anniversary-50,000. Actual disbursements are as follows: Payroll - 136,400; Travelling Expense - 30,000; Operating Expense - 18,000; Anniversary celebration - 50,000. 1. Assuming receivables are set-up, what is the compound entry to recognize the receivables from officers and employees for excess cash advances? 2. In relation to case 2, assuming there was no set up of receivables, what is the entry to recognize the collection of refund for the excess cash advances? 3. In relation to case 2, what is/are the entry/ies to recognize the return of the cashier's personal money to her?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 56P

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