True/False Statements Instructions: Each of the following statements is true or false. Indicate your choice by typing "T" for true or "F" for false in the column to the right of the statement. Tor F? T 1 Cash Short or Over is an expense account when it has a debit balance. The entry to replenish petty cash includes a debit to Petty Cash and a credit to Cash. 2 The person directed to receive the money indicated by a check is known as the payee. A special ledger account entitled "Change Fund" is used to keep track of day-to-day shortages and overages of cash. 4 If the cash short and over account has a debit balance at the end of the fiscal year, the balance represents revenue. 5 6 Cash receipts of $719 and a cash count of $715 would indicate a cash overage. Outstanding checks are checks issued that have not yet been presented to the bank for payment. 7 When reconciling the bank statement, the outstanding checks are added to the balance shown on the bank statement. 8 A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check. 9 After reconciling a bank statement, all reconciliation items affecting the Cash 10 general ledger account should be journalized and posted