Question 10 (of 10) 10. The Petty Cash Fund is set up at $100 and currently has $90 in receipts and $10 in currency in the box, None of the above stotements are correct If an income statement is prepared before booking a replenishment entry than net income will be understated The replenishment entry will be for $110 The receipts are set up as miscellaneous receivables The replenishment entry will be for $10 Question 9 9. NSF cheques (not sufficient funds) should be re-deposited in the bank as soon as received are shown as additions to the bank balance in the bank reconciliation O None of the above are shown as additions to the general ledger cash account in the bank reconciliation should be reclassified as Accounts Payable with an adjusting entry Chapter 6 -Cash 5. Which of the following is a major source of cash for a business? O Purchase of capital assets Buying merchandise to be sold with a markup of 500% Repayment of financing to Bank of Montreal Selling off obsolete inventory at a heavily discounted price None of the others alternatives are correct Question of 4. Q The following information relates to the month of August for XYZinc Prepare the bank reconciliation Date Information Aug 21 ankstoment balance 53.490 Aug 31 Bank statement reflects barkfees for the month 355 Aug 26 NSF chegue 5100 with of 10 1 Aug 27 Bank tatement rects paper statement Tee se BA3130Statement rects esteemed on balance 39 Aug 20 S1000 note receivable corected by Bank and deco XYZOCCOUNE Redinke ZuctXYZ wote chegues with totale over 560,000: As of AL 193,021 of Ches willen het died on 2200W RECONEX 31 Deposit $1.450 Aug 31 the Grenecs caths Of The Bretamente UDOSTEROOT These 5154 XYZ incorrectly recorded $45 10 Aug General de CCOUNTY What is the Adjusted balance per Bank for August? 53.490 5967 $4.940 51719 $5.261 pter 6 - Cash When doing the monthly bank reconciliation (BR), a NSF chegue and associated fee should: be added back to the balance per books on the BR O not be part of the BR because it was accounted for in the bank statement O be deducted from the balance per bank on the BR be deducted from the balance per books on the BR O be added back to the balance per bank on the BR