29 Jun Question 1 A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. The journal entry to record the replenishment of the fund would include a
Question 1
A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. The journal entry to record the replenishment of the fund would include a
Answer
credit to Petty Cash for $96.50.
credit to Cash for $89.
debit to Cash Short and Over for $3.50.
credit to Cash Short and Over for $3.50.
2 points
Question 2
A bank reconciliation should be prepared
Answer
whenever the bank refuses to lend the company money.
to explain any difference between the company’s balance per books with the balance per bank.
when an employee is suspected of fraud.
by the person who is authorized to sign checks.
2 points
Question 3
A bank reconciliation should be prepared periodically because
Answer
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