A company writes a check to replenish a $100 petty cash fund when the fund contains receipts

Question:

A company writes a check to replenish a $100 petty cash fund when the fund contains receipts of $94 and $4 in cash. In recording the check, the company should:

(a) debit Cash Over and Short for $2.

(b) debit Petty Cash for $94.

(c) credit Cash for $94.

(d) credit Petty Cash for $2.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9781118004234

1st Edition

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

See More Books

Question Posted: Feb 11, 2024 03:00 AM

See More Questions

Question 10 Consider a Siamese Twins company, called XY, with its two parts X and Y. X and Y are listed both in the US and in the UK, but X is mainly traded in the US and Y is mainly traded in the...
In Exercises 1318, use the fact that if then to find the inverse of each matrix, if possible. Check that AA -1 = I 2 and A -1 A = I 2 . A = a C b d
In Exercises 1318, use the fact that if then to find the inverse of each matrix, if possible. Check that AA -1 = I 2 and A -1 A = I 2 . A = a C b d
Marty owns an auto body repair shop. The business has no real value without him and the building is pretty much a mess after being full of paint fumes for all those years but the land is worth...
Mason Corporation had $650,000 in invested assets, sales of $700,000, income from operations amounting to $99,000, and a desired minimum rate of return of 15%. The profit margin for Mason is: a. 7.1%...
The accountant of the marketing firm, S. Preston, has posted adjusting entries (1) to (5) to the ledger accounts at 30 June 2025. All the income, expense and equity accounts of the entity are listed...
Papa Johns International Inc., a large pizza chain, launched an advertising campaign with the new slogan, Better Ingredients. Better Pizza. Papa Johns placed the slogan on millions of signs, shirts,...
The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities...
Answer the question by showing the calculation procedure. Verified the answer by using the MATLAB coding. Submit all the answers (calculation procedure & MATLAB code) to MS Team. For all of the...
The control features of a bank account do not include: (a) having bank auditors verify the correctness of the bank balance per books. (b) minimizing the amount of cash that must be kept on hand. (c)...
The use of prenumbered checks in disbursing cash is an application of the principle of: (a) establishment of responsibility. (b) segregation of duties. (c) physical controls. (d) documentation...
Use the given vectors u, v, and w to find each expression. u = 2i - 3j + k, v = -3i + 3j + 2k, w = i + j + 3k. w x v
D 1 Repurchasing Shares to Change Capital Structure 2 This is an example of a firm with 100% equity, A = E. Firm currently has 100,000 shares of 3 common stock outstanding, with a price of $20. The...
a) How can the corporate finance discipline help a Chief Financial Officer (CFO) of acompany in performing his or her job responsibilities? (4 marks) b)Discuss the three main areas of concern of...
Who should be allowed to access a financial service provider's customer file?
Explain how loan commitments and securitization facilitate market completeness. Why is this valuable in a return/risk context for the lender and the borrower (investor)?
3. The L language is defined as a set of strings containing the substring 0100 or 1011 in the alphabet (0,1}. a) Create a transition diagram for NFA that recognizes the L language. Do not include...
In this case, Novak never agreed to the services. Isnt one element of a contract that there must be an agreement; an offer and acceptance?
What do you think?
Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for...
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?
find power series expansions for the following functions: (i) f(x)=1/(x+1). Let x = -t; then 1 1 - I 1 ----- 1+2 = (-2)=(-1)+2 for x=-t2 <1. Therefore, 1 x+1 = n=0 n=0 (-1), for all |x| < 1. n=0 (ii)...
Problem D: For each of the following parts, state True or False. If true, give a short proof. If false, giver a counterexample: (1). Using Kruskal's algorithm, edges are (always) inserted into the...
Complete the description of the piecewise function graphed below. Use interval notation to indicate the intervals. 6 5 4 2 1 -7 -6 -5 -4 -3 -2 -1 I 2 3 4 5 6 7 + -2 3 4 -5 6+ {-4 if x E f(x) = {3 if...

A company writes a check to replenish a $100 petty cash fund when the fund contains receipts

Question:

Step by Step Answer:

Financial And Managerial Accounting

Students also viewed these Business questions