The entry to replenish the petty cash fund debited Insurance Expense for postage. This would​ cause:     A. Petty Cash to be overstated.   B. Postage Expense to be overstated.   C. Cash to be understated.   D. Insurance Expense to be overstated.

Q: Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber…

A: Method of recording financial transactions in the book of original entries by debiting and crediting…

Q: On a ban reconcialiation, customer's checks that are returned for lack of funds would be a.…

A: PLEASE LIKE THE ANSWER CORRECT ANSWER IS "a" i.e.,  deducted from the balance per company records

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: What is the normal balance of cash? Group of answer choices This is an ambiguous question debit…

A: Cash is a legal tender that can be used easily to buy something. It is the most liquid asset in the…

Q: Which of the following correctly describes how to reportcash?a. Restricted cash is always reported…

A: Cash: Cash is one of the most important current assets for any business entity. A current asset…

Q: A special cash fund used to make small payments that occur frequently is called a(n) ____.…

A: Market funds are those funds which are invested in the short term debt securities like commercial…

Q: The removal of cash from a victim organization before the cash is entered in the organization’s…

A: An accounting system is a tool used to keep track of all types of financial transactions. It is used…

Q: If a petty cash account is short and the fund is replenished, then the account that would be debited…

A: Petty cash is the cash set aside that is maintained in a business for petty expenses such as office…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A:

Q: When the amount of cash in the cash register exceeds the amount in the cash register tapes, the…

A: Cash Over and Short account is used to record the discrepancy between firms' reported sales figures…

Q: Which of the following is most likely to be used in determining a proper amount to be included in…

A: Allowance for doubtful accounts is a kind of contra asset account. It is used to decrease the value…

Q: Which of the following is recorded in the cash receipts journal?

A: Answer:   Option C

Q: Non-business cash receipts should be included on a cash flow statement.   A.   True B.   False

A: Non business cash receipt means a receipt which is not related with business i.e it is related with…

Q: When an uncollectible account is recovered after it has been written off, which of the following…

A: When an uncollectible account is recovered after it has been written off, allowance for doubtful…

Q: After removing the Change Fund, a cash shortage exists if: a.the Petty Cash Fund is greater than the…

A: To meet daily expenses which are insignificant in nature, organisation keeps some amount of change…

Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: Required information [The following information applies to the questions displayed below.] Marco…

A: Gross Profit: Gross profit is the amount of money retained by a business after all costs associated…

Q: The revenue recognition principle  a. states that revenue is not recorded until the cash is received…

A: Cash basis of accounting states that revenues are recorded in books of account when cash is received…

Q: Which adjustments need to be recorded in the accounting records? Those that affected the bank…

A: Introduction: All the paperwork and books used to create financial statements or records necessary…

Q: Graves Construction is journalizing two transactions related to uncollectible accounts. The first…

A: Accounts receivables are those customer accounts to whom credit sales has been made on account,but…

Q: at the time of replenishment, why are the totals of individual expenses debited? explain the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

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.