38. in preparing a bank reconciliation, a company found that it had $11 of monthly bank service charges, an NSF check for $990, month-end deposits in transit of $417, and month-end outstanding checks of $321. What journal entry should be made by the company at the conclusion of the reconciliation process?

a. accounts receivable 990, bank expense 11, cash 1,001

b. cash 96, cash short 96

c. cash 1001, accounts receivable 990, bank expense 11

d. none of the above.

39. a company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for the purchase of office supplies, $58 for transportation expense, and cash on hand of $182. The proper journal entry to reflect replenishment of the petty cash fund would be:

a. postage expense 87, office supplies 173, transportation expense 58, cash 318

b. postage expense 82, office supplies 173, transportation expense 58, petty cash 318

c. petty cash 318, cash 318

d. cash 318, petty cash 318

e. none of the above

40. in order to be classified as a current asset, receivables must be:

a. collectible within one year. B. collectible within one year or the operating cycle, whichever is longer. C. collectible within one year or the operating cycle, whichever is shorter. D. collectible in cash. E. none of the above.