Peterson Company's petty cash fund was established on January 1 with $500. On January 31, a count of the fund revealed: $105 in cash remaining and vouchers for miscellaneous expenses totaling $400. If the entries to record the disbursements and to replenish the fund are combined, what effect will the resulting entry have on the elements of the' financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt of CashFlowsA.(400) NA (400)NA 400 (400)(395) OAB.(400) NA (400)NA 400 (400)(400) OAC.(500) NA (500)NA 500 (500)(500) FAD.(395) NA (395)NA 400 (395)(395) OA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: D
You might also like to view...
Regulation of technological changes has been relaxed by the U.S. government over recent years
Indicate whether the statement is true or false
The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation
A) breakeven B) SBU C) SWOT D) regression E) cluster
If the combined market value of trading securities at the end of the year is less than the market value of the same portfolio of trading securities at the beginning of the year, the difference should be accounted for by
a. a credit to Investment in Trading Securities. b. reporting an unrealized loss in security investments in the stockholders' equity section of the balance sheet. c. a footnote to the financial statements. d. reporting an unrealized loss in security investments in the income statement.
Charles owns 1,000 shares of stock in Temperan, Inc Charles wants to obtain corporate records including the corporation's minute book and accounting records. Under the Model Act, Charles is entitled to this information if he requests it in good faith and
a. he has a proper purpose. b. he owns at least 1 percent of the company or $2,000 of stock. c. he is an employee of Temperan. d. he is a controlling shareholder.