Sohar Aluminium Company established a petty cash fund of RO 4,800 on January 1st. Assume that on January 21, Sohar Aluminium petty cash custodian requests a check for RO4,120. The fund contains RO 680 cash and petty cash receipts for cleaning RO1,700, Product delivery RO 1,350, and Petrol expenses RO1,070. The journal entry to record the checking transaction is:

Select one:

a.

Cleaning expenses	1700
Delivery expenses	1350
Petrol expenses	1070
Petty Balance	680
Cash	4120

b.

Cleaning expenses	1700
Delivery expenses	1350
Petrol expenses	1070
Cash	4120

c.

Cash	4800
Cleaning expenses	1700
Delivery expenses	1350
Petrol expenses	1070
Petty Balance	680

d.

Cash	4120
Cleaning expenses	1700
Delivery expenses	1350
Petrol expenses	1070

Al Kamel Power has a credit sales of RO400000. They decided to sell the amount of receivable they have to Bank Muscat. Bank Muscat normally charge 3% on the amount of receivable sold. The journal entry to record account receivable sales is:

Select one:

a.

Bad Debt Expenses	12000
Account Receivable	12000

b.

Cash	388000
Services Charges Expenses	12000
Account Receivable	400000

c.

Allowances for Doubtful Account	12000
Account Receivable	12000

d.

Cash	400000
Account Receivable	388000
Services Charges Expenses	12000

Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can be handled by many staff O b. Same staff receive cash, record cash & hold cash O c. less Use remittance device, cash register tapes and deposit slips O d. Only designated staff are authorized to handle cash receipt