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Khaleds company needs to replenish a $500 petty cash fund. Its petty cash box has $70 cash and petty cash receipts of $420. The journal
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- Khaleds company needs to replenish a $500 petty cash fund. Its petty cash box has $70 cash and petty cash receipts of $420. The journal entry to replenish the fund includes:
- A debit to Cash for $70.
- A credit to Cash for $70.
- A debit to Cash Over and Short for $10
- A credit to Cash Over and Short for $10.
- A credit to Petty Cash for $420
- Fahads company had net sales of $50,000 and accounts receivable of $5,500. Its days sales uncollected is:
- 3.2 days.
- 38.4 days.
- 40.15 days.
- 29.2 days.
- 12.5 days.
- Total interest to be earned on a $7,500, 9%, 120-day note is:
- $93.75
- $375.00
- $570.25
- $750.00
- Ahmads receives a $14,000, 12%, 60-day note. The maturity value of the note is:
- $280
- $14,000
- $14,280
- $13,780
- Sauds company has net sales of $650,000 and average accounts receivable of $25,000. What is its account receivable turnover?
- 20.18
- 30.41
- 26.00
- 12.00
- When reimbursing the petty cash fund: A. Cash is debited B. Petty Cash is credited C. Petty Cash is debited D. Appropriate expense accounts are debited E. No expenses are recorded
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