Question
DigDug Corporation had outstanding checks totaling $5,520 on its June bank reconciliation. In July, DigDug issued checks totaling $40,100. The July bank statement shows that
DigDug Corporation had outstanding checks totaling $5,520 on its June bank reconciliation. In July, DigDug issued checks totaling $40,100. The July bank statement shows that $28,100 in checks cleared the bank in July. The amount of outstanding checks on DigDug's July bank reconciliation should be: |
$5,520.
$12,000.
$6,480.
$17,520.
A company plans to decrease a $400 petty cash fund to $175. The current balance in the account includes $135 in receipts and $365 in currency. The entry to reimburse and reduce the size of the petty cash fund will include a:
rev: 10_26_2015_QC_CS-30998
debit to Petty Cash for $175.
debit to Petty Cash for $135.
debit to Cash for $190.
credit to Cash for $190.
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