To record the journal entry to establish a Petty Cash fund for $350, you would Check All That Apply Debit Petty Cash $350 Debit Cash $350 Credit Cash $350 Credit Petty Cash $350 None of these choices is correct

To record the journal entry to establish a Petty Cash fund for $350, you would Check All That Apply Debit Petty Cash $350 Debit Cash $350 Credit Cash $350 Credit Petty Cash $350 None of these choices is correct

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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Concept explainers

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.

Question

To record the journal entry to establish a Petty Cash fund for $350, you would
Check All That Apply
Debit Petty Cash $350
Debit Cash $350
Credit Cash $350
Credit Petty Cash $350
None of these choices is correct

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Accounting for Cash and cash equivalents

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A $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.
None
A petty cash fun of $200 has $27 in cash, $170 in petty cash vouchers, and 3$ in miscellaneous receipts not including with the petty cash vouchers. The debit to the Cash Short and Over would be a. $27 b. $173 c. $0 d. $170
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What is the journal entry to replenish the petty cash fund if expenses were Auto Expenses $75, Office Expenses $25, Postage $11. and cash on hand is $389. The Petty Cash fund started with $500. Edit View Insert Format Tools Table |BIUAv eu Ti v|: 12pt v Paragraph v hp 16 fa 19 ho 144 IOI 4 00
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35 If an amount box does not require an entry, leave it blank.
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
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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