A business has a petty cash fund of $200. On May 31, the petty cash has...

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A business has a petty cash fund of $200. On May 31, the petty cash has $5 remaining and receipts for the following: • Office supplies: $50; . • Miscellaneous expenses: $75; Postage: $20 . Pizza hut: $30 What would be the entry to Cash Over and Short as part of the entry to replenish the petty cash? Debit Cash Over and Short for $20 Credit Cash Over and Short for $20 Debit Cash Over and Short for $5 Debit Cash Over and Short for $5 Which of the following is not considered a control activity over cash receipts or cash payments? All cheques must be signed by two authorized people. Avoid internet payments due to internet fraud. Only approved personnel are permitted to handle cash receipts. Jhy Supporting documentation must be reviewed before signing a cheque. At year end, a business has an accounts receivable balance of $245,000. The allowance for doubtful accounts balance is $5,750 credit on the same date. Management estimates uncollectible accounts to be 8% of accounts receivable. Bad debt expense for the year is: $19,600 $18,740 $13,850 $25.350 G Keeping office supplies under lock and key is representative of: safeguarding assets. following company policies. promoting operations efficiency. ensuring accurate, reliable accounting records. A company deposited $570 at its bank from the collection of customer accounts. The deposit was correctly prepared and the company's accounting records are correct. The bank recorded the deposit as $750 into the company bank account. The company accountant detected the error while doing the reconciliation. What adjustment is made in the company's Account Reconciliation statement? Subtract $180 from cash balance per bank statement Add $180 to cash balance per bank statement Add $180 to cash balance per accounting records Subtract $180 from cash balance per accounting records A business has a petty cash fund of $200. On May 31, the petty cash has $5 remaining and receipts for the following: • Office supplies: $50; . • Miscellaneous expenses: $75; Postage: $20 . Pizza hut: $30 What would be the entry to Cash Over and Short as part of the entry to replenish the petty cash? Debit Cash Over and Short for $20 Credit Cash Over and Short for $20 Debit Cash Over and Short for $5 Debit Cash Over and Short for $5 Which of the following is not considered a control activity over cash receipts or cash payments? All cheques must be signed by two authorized people. Avoid internet payments due to internet fraud. Only approved personnel are permitted to handle cash receipts. Jhy Supporting documentation must be reviewed before signing a cheque. At year end, a business has an accounts receivable balance of $245,000. The allowance for doubtful accounts balance is $5,750 credit on the same date. Management estimates uncollectible accounts to be 8% of accounts receivable. Bad debt expense for the year is: $19,600 $18,740 $13,850 $25.350 G Keeping office supplies under lock and key is representative of: safeguarding assets. following company policies. promoting operations efficiency. ensuring accurate, reliable accounting records. A company deposited $570 at its bank from the collection of customer accounts. The deposit was correctly prepared and the company's accounting records are correct. The bank recorded the deposit as $750 into the company bank account. The company accountant detected the error while doing the reconciliation. What adjustment is made in the company's Account Reconciliation statement? Subtract $180 from cash balance per bank statement Add $180 to cash balance per bank statement Add $180 to cash balance per accounting records Subtract $180 from cash balance per accounting records

Answer rating: 100% (QA)

1 Answer a Debit Cash over and Short for 20 Explanations The entry to replenish the petty cash will ... View the full answer