Silver Co. has a $210 petty cash fund. At the end of the first month the accumulated receipts represent $44 for delivery expenses, $131 for merchandise inventory, and $13 for miscellaneous expenses. The fund has a balance of $22. The journal entry to record the reimbursement of the account includes a:
A. Debit to Cash Over and Short for $22.
B. Credit to Cash Over and Short for $22.
C. Credit to Inventory for $131.
D. Debit to Petty Cash for $210.
E. Credit to Cash for $188.
Answer: E
You might also like to view...
Bob took a check written by Jack to Jack's bank to be certified. The bank stamped "Certified" on it and gave it back to Bob. What consequence?
a. Bob can only demand the money from Jack. b. Bob can only demand the money from the bank. c. The bank would have to pay if Jack doesn't. d. Bob would have to pay if the bank doesn't.
Bond indentures include restrictive covenants.These provisions protect the bondholders against ________
A) increase in inflation rate B) increase in borrower's risk C) decrease in liquidity risk D) maturity risk
Hansen Corporation reported net income of $328,000 for the current year. In addition, accounts payable increased $24,000 during the year, inventory increased by $15,000, and accounts receivable decreased by $20,000. Using the indirect method, what is the net cash flow from operating activities?
A. $317,000 B. $387,000 C. $328,000 D. $357,000
If you like to have all the facts before you make a decision, you are probably a ________
a. performer b. people-pleaser c. detailer d. director