College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 6, Problem 7QY
To determine
Find the correct option, the option that indicates the correct
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The entry to establish the Change Fund includes which of the following?
Select one:
Debit to Change Fund
Credit to Petty Cash
Debit to Petty Cash
Credit to Change Fund
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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
For each receipt in the cash book, postings should be made to the .
A. Credit side of the respective account.
B. Debit side of the respective account
C. Debit side of the cash book
D. Credit side of the cash book
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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Similar questions
- What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forwardRecord the following transactions in the cash receipts journal.arrow_forwardThe sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amountsarrow_forward
- a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?arrow_forwardIf a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?arrow_forwardThe 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.arrow_forward
- Which of the following is an electronic funds transfer system (EFTS) service? Group of answer choices a. Overdraft protection b. Automatic transfer program c. Preauthorized payments d. Stop payment e. Cashier's checksarrow_forwardThe type of account and normal balance of Petty Cash is a(n) Select one: A. asset, debit B. revenue, credit C. liability, credit D. expense, debitarrow_forwardThe main purpose of factoring accounts receivable is a. To invest accounts receivable in another business b. To meet immediate cash needs c. To create an additional guarantee of collection d. To establish a legal proof for future usearrow_forward
- Which of the following would be included in a journal to record an NSF check? a. A debit to Accounts payable and a credit to Cash b. A debit to Cash and a credit to Accounts receivable c. A debit to Accounts receivable and a credit to Cash d. A debit to Miscellaneous expense and a credit to Casharrow_forwardAccounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.arrow_forwardEntries are made to the petty cash account when Select one: A. establishing the fund B. recording shortages in the fund C. replenishing the petty cash fund D. making payments out of the fundarrow_forward
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