Which of the following is the correct entry to establish a petty cash fund in the amount of $300?
A. Cash 300
Petty Cash Fund 300
B. Petty Cash Fund 300
Cash 300
C. Miscellaneous Expense 300
Petty Cash Fund 300
D. None of these, as no entry is necessary to record an exchange of cash.
Answer: B
You might also like to view...
Which of the following search engine algorithm updates targets websites that violate Google's guidelines?
A. Panda B. Penguin C. Hummingbird D. Fred
When measuring public relations outputs and outcomes, it is important to remember that outcomes are short-term, and outputs are more far-reaching
Indicate whether the statement is true or false
A difference in timing between units sold and units produced can result from logistical lags.
Answer the following statement true (T) or false (F)
Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Direct labor cost$574,000Manufacturing overhead: Indirect labor cost$163,000Other manufacturing overhead costs incurred$584,000 What is the journal entry to record the direct and indirect labor costs incurred during the year?
A.
| Wages Payable | 737,000 | |
| Work in Process | 574,000 | |
| Manufacturing Overhead | 163,000 |
B.
| Wages Payable | 737,000 | |
| Direct Labor | 574,000 | |
| Manufacturing Overhead | 163,000 |
C.
| Direct Labor | 574,000 | |
| Manufacturing Overhead | 163,000 | |
| Wages Payable | 737,000 |
D.
| Work in Process | 574,000 | |
| Manufacturing Overhead | 163,000 | |
| Wages Payable | 737,000 |