Question: Answer all please The entry necessary to establish a petty cash fund should include: (#119) A) A debit to Cash and a credit to Petty
The entry necessary to establish a petty cash fund should include: (#119) A) A debit to Cash and a credit to Petty Cash. B) A debit to Cash and a credit to Cash Over and Short. C) A debit to Petty Cash and a credit to Cash. D) A debit to Petty Cash and a credit to Accounts Receivable. E) A debit to Cash and a credit to Petty Cash Over and Short. The entry to record reimbursement of the petty cash fund for postage expense should include: (# 120) A) A debit to Postage Expense. B) A debit to Petty Cash. C) A debit to Cash. D) A debit to Cash Short and Over. E) A debit to Supplies. When a petty cash fund is in use: (#121) A) Expenses paid with petty cash are recorded when the fund is replenished. B) Petty Cash is debited when funds are replenished. C) Petty Cash is credited when funds are replenished. D) Expenses are not recorded. E) Cash is debited when funds are replenished
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
