Question
A company has a petty cash fund of P 25. At the end of the month, petty cash includes the following: Currency and coins P
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A company has a petty cash fund of P 25. At the end of the month, petty cash includes the following:
Currency and coins P 1.50
Receipted voucher for:
Postage 6.00
Travel 7.50
Donation to charity 10.00
total P 25.00
Which of the following is the correct entry to simultaneously reimburse the fund and increase it to P 100?
- Petty Cash 100.00
Cash 100.00
- Petty Cash 98.50
Cash 98.50
- Postage 6.00
Travel 7.50
Donations 10.00
Cash 23.50
- Petty Cash 75.00
Postage 6.00
Travel 7.50
Donations 10.00
Cash 98.50
1. A company has a petty cash fund of P 25. At the end of the month, petty cash includes the following: Currency and coins 1.50 Receipted voucher for: Postage 6.00 Travel 7.50 Donation to charity 10.00 P 25.00 Which of the following is the correct entry to simultaneously reimburse the fund and increase it to P 100? a. Petty Cash 100.00 Cash 100.00 b. Petty Cash 98.50 Cash 98.50 C. Postage 6.00 Travel 7.50 Donations 10.00 Cash 23.50 d. Petty Cash 75.00 Postage 6.00 Travel 7.50 Donations 10.00 Cash 98.50Step by Step Solution
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Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics
Authors: S. Rao Vallabhaneni
1st Edition
1119482569, 978-1119482567
