The entry to establish a petty cash fund includes:
A. A debit to Cash and a credit to Petty Cash.
B. A debit to Petty Cash and a credit to Accounts Receivable.
C. A debit to Cash and a credit to Cash Over and Short.
D. A debit to Cash and a credit to Petty Cash Over and Short.
E. A debit to Petty Cash and a credit to Cash.
Answer: E
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The budgeted volume of production is based on the sum of (1 ) the expected sales volume and (2 ) the desired ending inventory, less (3 ) the estimated beginning inventory
Indicate whether the statement is true or false
Simulation results can produce different solutions in repeated runs
Indicate whether the statement is true or false
Ashley Corporation uses a process-cost accounting system. The company adds direct materials and direct labor at the start of its production process; overhead cost is incurred evenly throughout manufacturing. The firm has no beginning work-in-process inventory; its ending work in process is 40% complete. Which of the following sets of percentages would be used to calculate the correct number of equivalent units in the ending work-in-process inventory?
A. Materials, 100%; labor 40%; overhead cost, 40%. B. Materials, 40%; labor, 40%; overhead cost, 100%. C. Materials, 40%; labor, 40%; overhead cost, 60%. D. Materials, 100%; labor, 100%; overhead cost, 40%. E. Materials, 100%; labor, 100%; overhead cost, 100%.
_____ of inventory pertains to the unit cost of the inventory
a. Volume b. Velocity c. Value d. Virtue e. None of the above.