The petty cash fund has a current balance of $100. Based on activity in the fund, it is determined that the balance needs to be changed to $700. Which journal entry is needed to make this change?

A) Debit the Petty Cash account and credit the Cash account for $700.
B) No journal entry is needed because this change only involves cash.
C) Debit the Petty Cash account and credit the Cash account for $600.
D) Debit the Cash account and credit the Petty Cash account for $600.


C

Business

You might also like to view...

The major advantage for companies of using videoconferencing is ______.

A. travel time and costs for meetings are reduced B. time zone differences can be ignored C. meetings are shorter D. to avoid eye contact

Business

Which of the following is used by Oracle to determine invalidation of remote dependent objects at runtime?

A. datestamp model B. record model C. USER_OBJECT model D. signature model

Business

Consumerism is a movement of citizens, government agencies, and the business community that advocates the preservation, restoration, and improvement of the environment.

Answer the following statement true (T) or false (F)

Business

The Landrum-Griffin Act (1959)

A. provided funds for troops to put down labor strikes. B. was designed to curb abuses by labor union leaders. C. permitted workers to reject a union as their representative. D. allowed employers to fire workers who favored labor unions. E. defined unfair labor practices by unions.

Business