Question: A company plans to decrease a $370 petty cash fund to $160. The current balance in the account indicates $120 in receipts and $335 in

A company plans to decrease a $370 petty cash fund to $160. The current balance in the account indicates $120 in receipts and $335 in currency. The entry to reimburse and reduce the size of the petty cash would be

credit cash 175, debut cash 175, debit petty cash 180, or debit petty cash 120?

PLEASE EXPLAIN!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A company plans to decrease a $260 petty cash fund to $105. The current balance in the account includes $65 in receipts and $225 in currency. The entry to reimburse and reduce the size of the petty...

1.) On October 31, 2015, your company's records say that the company has $16,451.03 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $5,643.01,...

A company plans to decrease a $380 petty cash fund to $165 The current balance in the account includes $125 in receipts and $345 in currency. The entry to reimburse and reduce the size of the petty...

A company plans to decrease a $330 petty cash fund to $140. The current balance in the account includes $100 in receipts and $295 in currency. The entry to reimburse and reduce the size of the petty...

DigDug Corporation had outstanding checks totaling $5,520 on its June bank reconciliation. In July, DigDug issued checks totaling $40,100. The July bank statement shows that $28,100 in checks cleared...

A company plans to decrease a $200 petty cash fund to $75. The current balance in the account includes $35 in receipts and $165 in currency. The entry to reduce the size of the petty cash fund will...

Mattel had net sales of $6,035 million and ending accounts receivable of $1,225 million. Days' sales uncollected is equal to: Multiple Choice O O 70 days. O 62 days. O 85 days. O 74 days. O 291 days....

A company plans to decrease a $1,600 petty cash fund to $600.0. The current balance in the account includes $360.0 in receipts and $1,320.0 in currency. The entry to reduce the fund will include a:...

A company plans to decrease a $700 petty cash fund to $262.5. The current balance in the account includes $157.5 in receipts and $577.5 in currency. The entry to reduce the fund will include a:...

A company plans to decrease a $200 petty cash fund to $75. The current balance in the account includes $45 petty cash payment in receipts and $165 in currency. The entry to reduce the fund will...

For the following independent situations, assume that you are the audit partner on the engagement: 1. McClellan's Used Cars, a client of yours, recently changed its depreciation method from...

Would there be any differences in the set of variables used in a regression model of the demand for consumer durable goods (e.g., automobiles, appliances, furniture) and a regression model of the...

The assignment is about valuing bonds in an environment of uncertain interest rates. The interest rate for the first year is 4% (no uncertainty). Each year the one-year interest rate could move up or...

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

(Appendices) SALES RETURNS. Swan and Bloom, Inc., is a wholesaler of novelty items to small stores. All sales are on credit with no discount offered. During March, Swan and Bloom accepted the...

(Appendices) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of...

(Appendices) FINANCIAL ANALYSIS OF RECEIVABLES. A chain of retail stores located in Kansas and Nebraska has requested a loan from First Chicago. The balance sheet of the retail chain shows...