1. For each of the following, circle the best answer to each question. A. In terms of dollar value, the leading cash payment system in Canada is the use of a. cash. b. cheques. c. credit cards. d. debit cards. e. direct transfers. B. Of which of the following payment systems is the following statement true? The volume of transactions is high, but the value of individual transactions is relatively small. a. cash b. cheques c. credit cards d. debit cards e. direct transfers C. Monthly mortgage payments are usually made by a. cash. b. credit cards. c. debit cards. d. direct transfers. e. None of the above. D. The payment system that is growing most rapidly consists of a. coins and bills. b. cheques. c. credit cards. d. debit cards. e. direct transfers. E. The journal entry to replenish the petty cash fund is a. debit Petty Cash, credit Bank. b. debit Expenses, credit Petty Cash. c. debit Expenses, credit Bank. d. debit Bank, credit Petty Cash. e. None of the above. F. Petty cash is classified as a(n) a. current asset. b. current liability. c. expense. d. fixed asset. e. revenue. 1. For each of the following, circle the best answer to each question. A. In terms of dollar value, the leading cash payment system in Canada is the use of a. cash. b. cheques. c. credit cards. d. debit cards. e. direct transfers. B. Of which of the following payment systems is the following statement true? The volume of transactions is high, but the value of individual transactions is relatively small. a. cash b. cheques c. credit cards d. debit cards e. direct transfers C. Monthly mortgage payments are usually made by a. cash. b. credit cards. c. debit cards. d. direct transfers. e. None of the above. D. The payment system that is growing most rapidly consists of a. coins and bills. b. cheques. c. credit cards. d. debit cards. e. direct transfers. E. The journal entry to replenish the petty cash fund is a. debit Petty Cash, credit Bank. b. debit Expenses, credit Petty Cash. c. debit Expenses, credit Bank. d. debit Bank, credit Petty Cash. e. None of the above. F. Petty cash is classified as a(n) a. current asset. b. current liability. c. expense. d. fixed asset. e. revenue