Question 10 Ahmed Co. decides to establish a petty cash fund with a beginning balance of BD 500. The journal entry to record establishing the account is: O A. O B. OC. Debit Petty Cash BD 500; credit Cash BD 90; and credit Cash Over and Short BD10. Debit Petty Cash BD 500 and credit Cash BD 500. Debit Cash BD 500 and credit Cash Over and Short BD 500. D. Debit Cash BD 500 and credit Petty Cash BD 500.

Question 10 Ahmed Co. decides to establish a petty cash fund with a beginning balance of BD 500. The journal entry to record establishing the account is: O A. O B. OC. Debit Petty Cash BD 500; credit Cash BD 90; and credit Cash Over and Short BD10. Debit Petty Cash BD 500 and credit Cash BD 500. Debit Cash BD 500 and credit Cash Over and Short BD 500. D. Debit Cash BD 500 and credit Petty Cash BD 500.

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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Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
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D5.
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