A company had $67 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:
A. Credit Petty Cash for $67.
B. Debit Cash for $67.
C. Debit Petty Cash for $67.
D. Credit Cash Over and Short for $67.
E. Debit Cash Over and Short for $67.
Answer: E
You might also like to view...
The three dimensions of corporate social responsibility and environmental sustainability are social, economic, and scientific
Indicate whether the statement is true or false
Fixed costs are those costs that continue even if no units are produced
Indicate whether the statement is true or false
An important departure from traditional project management is that critical chain project management logic:
A) Changes from a late finish to an early start approach. B) Factors in the effects of resource contention. C) Adjusts expected activity durations to reflect a 95% probability of completion on time. D) Creates a separate safety margin for each activity in the project.
Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAP).
What will be an ideal response?