11.) Prentice Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Prentice's net sales for this period equal:

Multiple Choice

• $94,275.

• $172,550.

• $174,250.

• $176,025.

• $177,725.

-Havermill Co. establishes a $400 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $88 for Office Supplies, $167 for merchandise inventory, and $37 for miscellaneous expenses. The fund has a balance of $108. On October 1, the accountant determines that the fund should be increased by $80. The journal entry to record the establishment of the fund on September 1 is:

Multiple Choice

• Debit Cash $400; credit Petty Cash $400.

• Debit Petty Cash $400; credit Accounts Payable $400.

• Debit Miscellaneous Expense $400; credit Cash $400.

• Debit Petty Cash $400; credit Cash $400.

• Debit Cash $400; credit Accounts Payable $400.

- The custodian of a $450 petty cash fund discovers that the fund has $55.50 in coins and currency plus $390.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:

Multiple Choice

• A credit to Cash Over and Short for $4.50.

• A debit to Petty Cash for $390.00.

• A debit to Cash for $394.50.

• A credit to Cash for $394.50.

• A debit to Cash for $385.50.