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On January 1 of this year, Gamma, Inc., established a Petty Cash Fund with $250. To record the establishment of the Petty Cash Fund, Gamma's
On January 1 of this year, Gamma, Inc., established a Petty Cash Fund with $250. To record the establishment of the Petty Cash Fund, Gamma's accountant will: O a. debit Petty Cash Fund for $250 and credit Cash for $250. O b. debit Petty Cash Fund for $250 and credit Inventory for $250. O c. debit Cash for $250 and credit Petty Cash Fund for $250. O d. debit Receivables for $250 and credit Petty Cash Fund for $250. Cadmium, Inc., provides consultancy services and has the following information on September 30: 150 Cash register tape $648 Cash count 795 Change Fund Compute the cash shortage or cash overage to be recorded by Cadmium on September 30. O a. $10 overage O b. $10 shortage O c. $3 overage O d. $3 shortage A petty cash payments record: a. is a journal. O b. is prepared only at the end of every calendar year. Oc. C. is a ledger account. O d. is a supplementary record for gathering information. When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are: O a.credited to the Capital account. O b. debited to the Capital account. O c. debited to the Cash account. O d.credited to the Cash account
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