1. Given the following information:

Petty cash balance:	$530.00
Postage receipt:	$25.30
Business meal receipt:	$54.51
Courier receipt:	$74.52
Office supplies receipt:	$95.94
Cash on hand at the end of the month:	$300.01

What is the amount that needs to be recorded for cash over and short?

Credit $20.28

Credit $23.00

Debit $23.00

Debit $20.28

No cash over and short is necessary 2.

Lusy Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Lusy customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Lusy has $5,000 in credit card sales, which of the following statements are true?

Lusy credits Sales $4,850

Lusy debits Cash $5,000

Lusy debits Accounts Receivable %u2212 Credit Card Co $4,850

Lusy debits Accounts Receivable %u2212 Credit Card Co $5,000

Lusy debits Cash $4,850 3. Based on the following trial balance, what would be the total credits on a post closing trial balance, assuming all accounts have a normal balance?

Cash	$6,760
Accounts receivable	13,739
Office supplies	2,631
Land	37,159
Office equipment	14,541
Accounts payable	6,469
Common stock	54,496
Dividends	$2,006
Consulting fees earned	13,724
Rent expense	3,679
Salaries expense	6,648
Telephone expense	566
Miscellaneous expense	286
Retained earnings	?

rev: 03_02_2012, 05_29_2013_QC_31074

	$87,985
	$88,015
	$81,299
	$74,701
	$61,504