Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50.

Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50.

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

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Multiple Choice
A debit to Petty Cash for $385.00.
A debit to Cash for $390.50.
A credit to Cash for $390.50.
A debit to Cash for $379.50.
A credit to Cash Over and Short for $5.50.

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Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the
month. The entry to replenish the petty cash fund will include:
Multiple Choice
A debit to Petty Cash for $385.00.
A debit to Cash for $390.50.
A credit to Cash for $390.50.
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