A business decides to start up a Petty Cash fund so that they have money on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A business decides to start up a Petty Cash fund so that they have money on hand to pay for postage when running to the post office. Which of the entries below would represent the starting/formation of the petty cash fund? Debit Petty Cash; Credit Cash Debit Postage Expense; Credit Petty Cash Debit Cash; Credit Petty Cash Debit Postage Expense; Credit Cash Debit Cash; Credit Postage Expense A business decides to start up a Petty Cash fund so that they have money on hand to pay for postage when running to the post office. Which of the entries below would represent the starting/formation of the petty cash fund? Debit Petty Cash; Credit Cash Debit Postage Expense; Credit Petty Cash Debit Cash; Credit Petty Cash Debit Postage Expense; Credit Cash Debit Cash; Credit Postage Expense
Expert Answer:
Answer rating: 100% (QA)
3Entry representing the formation of petty cash fund Debit petty cash c... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1...
-
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1 Prepared...
-
Dylan Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1 Prepared...
-
In Exercises 1-2, the augmented matrix of a linear system has been reduced by row operations to the form shown. In each case, continue the appropriate row operations and describe the solution set of...
-
The 1986 prospectus for ZZZZ Best included the following: April 30, 1984 and 1985, financial statements audited by Larry G. Baker, CPA of Bakersfield, California April 30, 1986, financial...
-
Find the discriminant. Use it to determine whether the solutions for each equation are A. Two rational numbers B. One rational number C. Two irrational numbers D. Two nonreal complex numbers. Tell...
-
Water flows in a horizontal rectangular channel with a flowrate per unit width of \(q=10 \mathrm{ft}^{2} / \mathrm{s}\) and a depth of \(1.0 \mathrm{ft}\) at the downstream section (2). The head loss...
-
Indicate the objective of the following questions, which are abstracted from an EDP internal control questionnaire. What error or weakness might exist if the answer to a specific question is No? a....
-
From the reading Welcome to Psychology 2e , an OpenStax in what ways do you have a better understanding of psychology? give examples and cite from the text
-
Several studies have reported lower participation in the science, technology, engineering, and mathematics (STEM) careers by female and minority students. A high school counselor surveys 240...
-
Say whether the statement is True or False. If False, supply a reason or correct the statement. (a) Producer Surplus is the profit that producers get. (b) Consumer Surplus represents savings. (c)...
-
What is the implicit interest rate for a given currency?
-
How can leading and lagging intracorporate payments be used to create value for the multinational corporation?
-
What is the economic logic for corporate inversion?
-
Explain the role played by gold in the gold standard system of international payments. Why was the gold standard suspended during World War I?
-
What are reinvoicing centers? How do they differ from tax havens? How do multinational corporations take advantage of reinvoicing centers?
-
Find both the arithmetic growth rate and the geometric growth rate of the dividends for Custer's Ice Cream Shoppes. (Click on the following icon in order to copy its contents into a spreadsheet.)...
-
What kind of rays are X-rays?
-
On October 1, 2011, Santana Rey launched a computer services company, Business Solutions, which is organized as a proprietorship and provides consulting services, computer system installations, and...
-
Prepare journal entries to record the following merchandising transactions of Stone Company, which applies the perpetual inventory system. Aug. 1 Purchased merchandise from Abilene Company for $6,000...
-
How are organization expenses reported?
-
Consider the flow of a perfect gas along a Fanno line. Show that the pressure at the * reference state is given by the relation 1/2 m 2RT, P Ayge(y+1)
-
Air flows in an 8-cm-inside diameter pipe that is \(4 \mathrm{~m}\) long. The air enters with a Mach number of 0.45 and a temperature of \(300 \mathrm{~K}\). (a) What friction factor would cause...
-
Air enters a duct with a mass flow rate of \(35 \mathrm{lbm} / \mathrm{sec}\) at \(T_{1}=520^{\circ} \mathrm{R}\) and \(p_{1}=20 \mathrm{psia}\). The duct is square and has an area of \(0.64...
Study smarter with the SolutionInn App