Objective type question, Financial Accounting

1 The entry establishing a $175 petty cash fund would include a:
a) debit to cash for $175
b) credit to Petty cash for $175
c) debit to petty cash for $175
d) debit to miscellaneous expense for $175

2 Riley's Limousines' entry to establish a $75 petty cash fund for the office would include a:
a) debit to cash for $75
b) credit to petty cash for $75
c) credit to cash for $75
d) debit to office expense for $75

3. Samanth's tutoring service's $200 petty cash fund has a shortage of $4. The facts are: 80 in valid receipts for expenses; $116 in coins and currency. The journal entry to replenish the petty cash fund wouldi nclude a:
a) credit to cash for $80
b) credit to petty cash for $84
c) credit to cash short/over for $4
d) debit to cash short/over for $4.

4. a petty cash fun which was established at $50. contains an actual cash count of $20 and valid receipts for $40. The entry to replenish the fund would include a:
a) credit to cash for $30
b) credit to cahs for $40
c) credit to petty cash for $30
d) debit to petty cash for $40

5) the bank statement included bank charges. On the bank reconciliation, the item is:
a) an addition to the balance per company book
b) an addition to the balance per bank statement
c) a deduction from the balance per bank statement
d) a deduction from the balance per company books

 

Posted Date: 2/26/2014 2:29:10 AM | Location : United States







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