Kevin operates his petty cash with an imprest of $120. Al the end of one particular week he had vouchers in the petty cash fin of $17.45,$32.16 and \$21.94. No other transactions took place. In order to restore the petty cash balance what journal entry should Kevin post? Dr Petty cash $71.55 Cr Bank $71.55 Dr Bank $71.55 Cr Petty cash $71.55 Dr Bank $48.45 Cr Petty cash $48.45 Dr Petty cash $48.45 Cr Bank $48.45 Kevin operates his petty cash with an imprest of $120. At the end of one particular week he had vouchers in th petty cash tin of $17.45,$32.16 and $21.94. No other transactions fook place. In order to restore the petty cash balance what journal entry should Kevin post? \begin{tabular}{|ll|} \hline Dr Petty cash \$71.55 & Cr Bank \$71.55 \\ \hline Dr Bank $71.55 & Cr Petty cash \$71.55 \\ \hline Dr Bank $48.45 & Cr Petty cash \$48 45 \\ \hline Dr Petty cash $48.45 & Cr Bank $48.45 \\ \hline \end{tabular} Chen commenced in business, creating and selling baked goods. They have a single supplier and it allows a 30 day credit term. Sales are made from a retail unit and are paid for immediately by customers. How would you describe the nature of Chen's business transactions? Credit purchases and cash sales Cash purchases and cash sales Cash purchases and credit sales Credit purchases and credit sales The following stalements relate to the reconciliations to external documents: (1) It is not possible to reconcile individual supplier balances to external documents (2) Errors made by the bank which are discovered during a bank reconciliation mujst be updated in the business's own accounting system Which of the above statement(s) is/are correct? Neither statement 1 nor statement 2 Both statement 1 and statement 2 Statement 1 only Statement 2 only Kevin operates his petty cash with an imprest of $120. Al the end of one particular week he had vouchers in the petty cash fin of $17.45,$32.16 and \$21.94. No other transactions took place. In order to restore the petty cash balance what journal entry should Kevin post? Dr Petty cash $71.55 Cr Bank $71.55 Dr Bank $71.55 Cr Petty cash $71.55 Dr Bank $48.45 Cr Petty cash $48.45 Dr Petty cash $48.45 Cr Bank $48.45 Kevin operates his petty cash with an imprest of $120. At the end of one particular week he had vouchers in th petty cash tin of $17.45,$32.16 and $21.94. No other transactions fook place. In order to restore the petty cash balance what journal entry should Kevin post? \begin{tabular}{|ll|} \hline Dr Petty cash \$71.55 & Cr Bank \$71.55 \\ \hline Dr Bank $71.55 & Cr Petty cash \$71.55 \\ \hline Dr Bank $48.45 & Cr Petty cash \$48 45 \\ \hline Dr Petty cash $48.45 & Cr Bank $48.45 \\ \hline \end{tabular} Chen commenced in business, creating and selling baked goods. They have a single supplier and it allows a 30 day credit term. Sales are made from a retail unit and are paid for immediately by customers. How would you describe the nature of Chen's business transactions? Credit purchases and cash sales Cash purchases and cash sales Cash purchases and credit sales Credit purchases and credit sales The following stalements relate to the reconciliations to external documents: (1) It is not possible to reconcile individual supplier balances to external documents (2) Errors made by the bank which are discovered during a bank reconciliation mujst be updated in the business's own accounting system Which of the above statement(s) is/are correct? Neither statement 1 nor statement 2 Both statement 1 and statement 2 Statement 1 only Statement 2 only
