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Use the following information regarding Larson Company to answer the question below. On January 1^st, Established a petty cash fund in the amount of $250.
Use the following information regarding Larson Company to answer the question below. On January 1^st, Established a petty cash fund in the amount of $250. On January 31^st, Reimbursed the petty cash fund given the following petty cash fund disbursements: Payment for postage, $120. Payment for supplies, $80. Payment for freight charge, $30. The balance in the fund on January 31^st was $20. The entry to record the reimbursement of the petty cash fund on January 31^st would include: Credit to Postage expense for $120. Debit to petty cash for $20 Credit to petty cash short and over for $5 None of the above Which of the following is not an internal control activity for cash? The number of persons who have access to cash should be limited. The functions of recordkeeping and keeping custody of cash should be combined. All cash receipts should be recorded promptly. For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation: Deposit of $250 recorded by the bank as $25. Deposit of $25 recorded by the bank as $250. Check of $25 recorded by the company as $52. Check of $52 recorded by the company as $25
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