Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Art Of Auditing Uncovering Core Principles Of Audit Profession

Authors: Ignatius Ravi

1st Edition

B0CC7FFYP6, 979-8852090959

More Books

Students also viewed these Accounting questions

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago

Question

=+1. Is it OK for a firm to profit from poverty?

Answered: 1 week ago