Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A. A credit to Cash Over and Short for $3.
B. A debit to Cash for $450.
C. A credit to Cash for $385.
D. A debit to Cash for $382.
E. A debit to Petty Cash for $385.
Answer: C
You might also like to view...
Various stakeholders and ____ determine the acceptable standards of conduct involving ethics.
A. the organization's ethical climate B. the federal government C. various self-regulating bodies D. governmental agencies E. the industry leader's ethics
Face interest rate is another term for market interest rate
Indicate whether the statement is true or false
Which of the following statements is true regarding a corporation's purchase of treasury stock?
A) The cost of treasury stock is a reduction in stockholders' equity. B) Dividends must still be paid on treasury stock because it is still issued. C) Treasury stock is reported as an asset because it is considered an investment in the corporation's own stock. D) Treasury stock is no longer considered issued once it is back in the hands of the issuer.
The following type of asset is a commodity:
A) Cocoa. B) Debentures. C) Preferred stock. D) Oil rights.