Assume that the custodian of a $450 petty cash fund has $62 in coins and currency plus $383 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A. A credit to Cash Over and Short for $5.
B. A debit to Petty Cash for $383.
C. A debit to Cash for $378.
D. A credit to Cash for $383.
E. A debit to Cash Over and Short for $5.
Answer: E
You might also like to view...
The allowance for uncollectible accounts is similar to accumulated depreciation in that it represents the total of all accounts written off over the years
Indicate whether the statement is true or false
Identifying and communicating with your professional references is an important part of the job-search process. List and explain three strategies discussed in the book for contacting and preparing your references to showcase your professionalism both to them and your prospective employers
Which of the following sentences is best expressed?
A) Each mechanic should submit his hours by Monday. B) Each mechanic should submit his or her hours by Monday. C) Each mechanic should submit their hours by Monday.
Which of the following people is associated with the "Front-Page-of-the-Newspaper" test for ethical dilemmas?
a. Warren Buffett b. Ken Blanchard c. Laura Nash d. John Rawls