A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:
A. Credit Petty Cash for $43.
B. Debit Cash Over and Short for $43.
C. Debit Petty Cash for $43.
D. Debit Cash for $43.
E. Credit Cash Over and Short for $43.
Answer: B
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Which of the following is true for accounting for a troubled debt restructuring by a modification of terms by the debtor?
A) ?If undiscounted cash flows after restructuring are greater than carrying value of the debt before restructuring, recognize a gain. B) ?If undiscouraged cash flows after restructuring are greater than carrying value of the debt before restructuring, recognize no gain and impute new interest rate. C) ?If present value of cash flows after restructuring is greater than carrying value of the debt before restructuring, recognize a gain. D) ?If undiscouraged cash flows after restructuring are less than carrying value of the debt before restructuring, recognize NO gain and impute new interest rate.
Answer the following statements true (T) or false (F)
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Indicate whether the statement is true or false
Revenue expenditures are also called balance sheet expenditures.
Answer the following statement true (T) or false (F)