Question
1) A petty cash fund was established with a $400 balance. It currently has cash of $41 and petty cash tickets totaling $359. Which of
1) A petty cash fund was established with a $400 balance. It currently has cash of $41 and petty cash tickets totaling $359. Which of the following would be included in the entry to replenish the fund?
Select one:
A.a credit to Cash for $359
B.a credit to Petty Cash for $359
C.a debit to Petty Cash for $41
D.a credit to Cash for $41
2) A bank statement included a NSF check from customer Kim Fields for $2,100. The journal entry to record this reconciling item should:
Select one:
A.debit Accounts Receivable and credit Cash for $2,100.
B.debit Cash and credit Accounts Receivable for $2,100.
C.debit Cash and credit NSF for $2,100.
D.debit NSF and credit Cash for $2,100.
3) Sam's Tutoring Service's $480 petty cash fund has a shortage of $3. The facts are: $210 in valid receipts for expenses; $477 in coins and currency. The journal entry to replenish the petty cash fund would include a:
Select one:
A.credit to Petty Cash for $213.
B.debit to Cash Short and Over for $3.
C.credit to Cash for $210.
D.credit to Cash Short and Over for $3.
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