Lincoln Company accepted a check for $1,675 from a customer for a cash purchase of merchandise. The customer did not have sufficient funds to cover the check and the bank adjusted the company’s account for the amount of the returned check. What entry is required to record this NSF check?

	Debit	Credit
NSF Check Expense	1,675
Cash		1,675

Sales Revenue	1,675
Cash		1,675

Cash	1,675
Sales Revenue		1,675

Accounts Receivable	1,675
Cash		1,675

Bishop Company established a petty cash fund with $250 cash. Which of the following choices accurately reflects how this event would affect the company’s financial statements?

Assets

=

Liab.

+

Equity

Rev.

−

Exp.

=

Net Inc.

Cash Flow

a.

+ −

n/a

n/a

n/a

n/a

n/a

n/a

b.

+ −

n/a

n/a

n/a

+

−

– OA

c.

+ −

n/a

n/a

n/a

n/a

n/a

– OA

d.

−

n/a

−

n/a

+

−

– OA

A

B

C

D

On September 1, Scott Company established a petty cash fund with $300 cash. A physical count of the petty cash fund on September 30 disclosed $49 in currency and coins. The petty cash vouchers are sorted as follows:

Employee meals	$75.00
Postage	95.00
Office supplies	83.00

What is the amount of the petty cash fund replenishment on September 30?

$253

$251

$300