Prepare the journal entries for the following petty cash transactions of LintonGaming Supplies:Feb.1Established a petty cash fund with a $ 150balance.28The petty cash fund has $ 14in cash and $ 145in petty cash tickets that were issued to pay for Office Supplies ($ 35)and Entertainment Expense ($ 110).Replenished the fund and recorded the expenses. Mar.15Increased the balance of the petty cash fund to $ 300.

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Josie just bought her first fish tank a 36 -gallon glass aquarium, which she’s been saving up for almost a year to buy. for josie, the fish tank is most likely what type of purchase

Identify the level of the literature hierarchy for u.s. gaap to which each item belongs