CalculatorEntries are made to the petty cash account whenOa. replenishing the petty cash fundOb.Ob. recording shortages in the fundOc. establishing the fundOd. making payments out of the fund

Petty cash account is opened to meet daily routine expenses which are very small.

Answered: Calculator Entries are made to the…

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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Prepare a flowchart of the cash receipts procedure described previously
A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180
Which of the following would be included in a journal to record an NSF check? a. A debit to Accounts payable and a credit to Cash b. A debit to Cash and a credit to Accounts receivable c. A debit to Accounts receivable and a credit to Cash d. A debit to Miscellaneous expense and a credit to Cash
Accounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.
H1. Account
What is the purpose of setting up a petty cash fund? Select one: O O a. to allow cash for personal use b. to pay for all expenses c. to pay for regular operating expenses d. to pay for small, incidental expenses
List of Auditing Procedures A. Trace to cash receipts journal. B. Trace to cash disbursements journal. C. Compare to 9/30/X5 general ledger. D. Confirm directly with bank. E. Inspect bank credit memo. F. Inspect bank debit memo. G. Ascertain reason for unusual delay. H. Inspect supporting documents for reconciling item not appearing on cutoff statement. I. Trace items on the bank reconciliation to cutoff statement. J. Trace items on the cutoff statement to bank reconciliation. GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account a. Select 2 procedures b. Select 5 procedures September 30, 20X5 Balance per bank Deposits in transit 9/29/X5 9/30/X5 S 30,300 $ 925 1,175 2,100 32,400 c. Select 5 procedures Outstanding checks #988 8/31/X5 900 #1281 9/26/X5 600 #1285 9/27/X5 350 #1289 9/29/X5 900 #1292 9/30/X5 325 (3,075) 29,325 d. Select 1 procedure e. Select 2 procedures f. Select 1 procedure Customer note collected by bank Error: Check #1282; written on 9/26/X5 for $350…
What is included in the journal entry necessary to record the collection of the cash for a previously recorded credit sale?
A cash receipts under a good control system will have. a. Encourage receipt of money through cheque b. Keep minimum bank book balance c. Too much amount in Cash balance d. Too much amount in Bank balance
A $73 petty cash fund has cash of $17 and receipts of $66. The journal entry to replenish the account would include a a.credit to Cash for $73 b.credit to Petty Cash for $66 c.credit to Cash Short and Over for $10 d.debit to Cash for $17
what is procedure to posting account payable ledger in cash disbursements system
Issued a check to establish a petty cash fund of $550. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area b. The amount of cash in the petty cash fund is $190. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $211, and miscellaneous selling expense, $133. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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Calculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob. Ob. recording shortages in the fund Oc. establishing the fund Od. making payments out of the fund