RESET23. What is the best way to manage the credit card?i. Always pay the minimum amountii. Make payment on timeiii. Withdraw cash from credit cardiv. Keeping within the credit limitA. i and iB. i and ivC. i and ililD. i and ivCancelDone中。

Solution: A Credit card is a card that allow holders to do shopping, Payments or withdraw cash with…

Answered: RESET 23. What is the best way to…

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 $167 petty cash fund has cash of $18 and receipts of $141. The journal entry to replenish the account would include a a. debit to Cash Short and Over for $8 b. credit to Petty Cash for $141 c. debit to Cash for $18 d. credit to Cash for $167
11 When credit card sales occur, the seller may receive cash immediately, or within a few days, depending upon the specific credit card program being used. Group starts True or False
Ghadna Al Maskari Section 1/ Midterm 1 Resit Exam What Petty Cash involves, choose the best answer: t of Select one: estion a. Borrow the fund, making payment and replenish the fund O b. Establishing the fund, making payment and replenish the fund O c. Establishing the fund, making check payment and never replenish the fund O d. Establishing the fund, making check payment and replenish the fund s page
As a company accounts payable manager, which of the following credit terms are most likely to entice you to take the cash discount? A. 2/10 net 90 B. 1/10 net 45 C. 2/10 net 60 D. 1/10 net 30
A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11
A prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advice
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
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
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit
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.
PA8. LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges

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RESET 23. What is the best way to manage the credit card? i. Always pay the minimum amount ii. Make payment on time iii. Withdraw cash from credit card iv. Keeping within the credit limit A. i and i B. i and iv C. i and ilil D. i and iv Cancel Done 中。