57) The petty cash fund has a current balance of $350, which is the established fund balance. Based 57) on activity in the fund, it is determined that the balance needs to be changed to $400. Which journal entry is needed to make this change? A) Debit the Petty Cash account and credit the Cash account for $50 B) Debit the Petty Cash account and credit the Cash account for $400. C) Debit the Cash account and credit the Petty Cash account for $50. D) No journal entry is needed because this change only involves cash. 58) 58) Regarding the gross method of handling credit and debit card transactions, which of the following statements is correct? A) The journal entry on the date of sale is identical to a journal entry made for a sale on account. B) The processing fees for all transactions processed for the month are deducted from the company's bank account, often on the last day of the month. C) The total sale amount is deposited on the date of the actual sale. D) On the date of sale, the Sales Revenue account is credited for the amount of sale less the processing fee. 59) 59) Under the net method of handling credit and debit card payments, the A) credit to the sales revenue is selling price less the transaction fee B) processing fee is debited to the Credit Card Expense account on the date of sale C) business writes a check to the third-party processor for the processing fee D) net amount of the sale is credited to the Sales Revenue account on the date of sale 60) 60) The bank statement determine which checks have been cashed during the statement period B) must include physical copies of canceled checks C) must be mailed to customers each month D) may show service charges, EFT collections from customers, and EFT withdrawals A) does not include an ending balance of the customer's account because the bank cannot