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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A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
Which cash reconciling item could potentially affect either the bank statement or the general ledger? Multiple Choice Outstanding deposit Recording error Interest earned on notes held by the bank NSF checks
A bank statement provided by the bank includes: Multiple Choice A list of outstanding checks. A list of petty cash amounts. The beginning and the ending balance of the depositor's account. A listing of deposits in transit. A reconciliation to the depositor cash account.
In a bank reconciliation, an EFT cash payment is A. added to the bank balance in the general ledger B. deducted from the bank balance on the bank statement C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledger
On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.
Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
The sales journal is used to record______. cash sales on account debit transactions credit cards
When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are: a.credited to the Capital account. b.debited to the Capital account. c.debited to the Cash account. d.credited to the Cash account.
Which of the following are basic characteristics of a system of cash control?I. Separate responsibility for handling and recording cashII. Daily deposit of all cash receivedIII. Internal audit at regular intervalsIV. Use of a voucher system a. I, II and IV b. I, II, III and IV c. I, III and IV d. II and IV
A $81 petty cash fund has cash of $25 and receipts of $59. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $25 credit to Cash Short and Over for $3 credit to Petty Cash for $59 credit to Cash for $81
1.Journalize and post transactions on account to the cash payments j ournal 2.Complete the petty cash report by classifying each expense to compute the actual cash on hand. 3.Print the cash paymentsjournal and petty cash report. The cash paymentsjournal and a petty cash report for Electronic Source are given in the Worlting Papers. Instructions: Use page 9 of a cash payments journa l tojourna lize the following transactions completed during September of the cun-ent year.Source documents are abbreviated as follows check,C;purchase invoice,P.Save your work to complete Problem 9-S. Transactions: Sept 2.Paid cash for advertising, $125.00.C388. 5.Paid cash on account to Henson Audio, $2,489.00, covering P346,less 2% discount. C389. 8.Paid cash for heating bill, $240.00.C390 . 10.Paid cash on account to Peterson Electronics,$3,484.00 covering P349,less 2% discount.C391. 12.Paid cash for office supplies,$43.00.C392$. 15.Paid cash to KLP Mfg.for merchandise with a list…
A $54 petty cash fund has cash of $19 and receipts of $24. The journal entry to replenish the account would include a a.credit to Petty Cash for $24. b.debit to Cash Short and Over for $11. c.credit to Cash for $54. d.debit to Cash for $19.

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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