A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

A Petty Cash fund is being set up for $1,300. The journal entry would be:
O A. Cash
1,300
Petty Cash
1,300
B. Petty Cash
1,300
Accounts payable
1,300
O C. Accounts payable
Petty Cash
1,300
1,300
O D. Petty Cash
1,300
Cash
1,300

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Accounting for Cash and cash equivalents

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