Smith Company is starting a petty cash lockbox. Who does the accounting department need to establish a petty cash fund? O CEO O CFO O Board of Directors O Accounts Payable Clerk
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Step 1: The accounting department is responsible for managing the company's finances, including petty cash. Show more…
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Pelcher Co. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. The journal entry to replenish the fund on January 31 is:a). Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Petty cash, $324. b). Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Cash, $324 c). Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Petty cash, $316. d). Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316. e). Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Petty cash, $400.
Azat N.
Triple Company's accountant made an entry that included the following items: debit postage expense $14.22, debit office supplies expense $29.13, debit cash over/short $3.99. If the original amount in petty cash is $356, how much is in petty cash before the reimbursement? Multiple Choice $225. $356. $312.65. $308.66. $43.35.
Akash M.
A company set- up a petty cash fund with $800. The disbursements are as follows: Office supplies- $300 Shipping- 50 Postage- 30 Delivery expense- $350 To replenish the petty cash fund, the journal entry would include ? A. Credit cash and debit postage B. Credit petty cash and debit cash C. Debit petty cash and credit cash D. Debit postage and credit cash
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