Question
Please provide a step by step solution 1-The entry to record the expenses paid for with petty cash is: Select one: a.Debit Petty Cash; Credit
Please provide a step by step solution
1-The entry to record the expenses paid for with petty cash is:
Select one:
a.Debit Petty Cash; Credit Expenses
b.Debit Expenses; Credit Cash
c.Debit Expenses; Credit Petty Cash
d.Debit Cash; Credit Petty Cash
2-A bank reconciliation is:
Select one:
a.The process of comparing items between a company's bank statement and its own cash accounting records
b.The same as cash controls
c.None of the available choices
d.The process of comparing items on the bank statement to the bank account
4-Upon preparing the bank reconciliation statement, an adjusting entry was made that debited cash and credited interest revenue. Therefore, the bank reconciliation must have included an item that was:
Select one:
a.Deducted from the cash balance per company books
b.Added to the cash balance per company books
c.Deducted from the bank statement
5-A convenient, secure, inexpensive and fast method of paying bills online from a customer's bank account directly to a supplier's the bank account is known as:
Select one:
a.None of the available choice
b.Remote Deposit
c.Payment by Mail
d.Electronic Fund Transfer
d.Added to the bank statement
3-Reconciliation of overage or shortage of the petty cash is done through:
Select one:
a.The cash over and short account
b.The accounts payable account
c.The capital account
d.The cash account
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