Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50.

Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....

See similar textbooks

Related questions

Q: Question 2 Modise Ltd had a gross income of R200 000 and expenses of R300 000 for the year For the 2...

A: The basic income on which tax is charged is referred to as taxable income. It incorporates some or a...

Q: Frank has 200 shares of XYZ, Inc. with a basis of $5,000 and a value of 7,500. He receives a tax-fre...

A: Dividend- A dividend is an allocation of profits by a company to its shareholders. When a company ea...

Q: Using ABC, compute the total cost per case for each product type if the direct labor and direct mate...

A: Calculation of Overhead Cost Per Unit of Cost Driver: Department Activity Cost Driver Cost Driver...

Q: A medium-sized manufacturing firm seeks to expand its operation in Mindanao. With a loan amounting t...

A: Amortization is the average amount that would be paid off in a loan arrangement over the period of t...

Q: ABC Company granted 100 share options to each of its 200 employees on January 1,2019. The option pla...

A: The share premium account refers to the difference between the par value of the shares issued and th...

Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $116,...

A: Formula: Predetermined overhead rate = Estimated production overhead / Estimated machine hours

Q: Variable cost per unit Fixed cost per unit Total cost per unit ? Required: 1. Complete the table. 3....

A: Variable cost is the cost which change in total with change in output but it remain same per unit. ...

Q: Please answer correct with good presentation using commas and dollar sign in each figure Opportu...

A: The relevant cost includes all those cost which would affect the decision making process and it also...

Q: For the past several years, the stewardship of the Chief Operating Officer (COO) of ABC Company is r...

A: Sales in 2019 Amounting to P120,000,000 As the level of sales in between P100,000,000 to P200,000,0...

Q: The controller of D-Day Chemical Supply has established the following activity centers with overhead...

A: Overhead cost per activity = Total overhead cost for the activity / No. of activity

Q: Norfolk Engineering uses the weighted-average method in its process costing system. This month, the ...

Q: At what amount will Fuzzy Monkey report its investment in the December 31, 2012, statement of financ...

A: Bonds are fixed income generating instruments which are majorly issued by the government or certain ...

Q: The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-d...

A: General Journl Date General Journal Debit Credit Year 1 Dec 16 Note receivable - Rita G...

Q: Lala and Lila are partners sharing profits and losses in the ratio of 6:4 respectively. On January 2...

A: Partnership is an agreement between two or more partners where partners are agreed to work together ...

Q: Retained earnings (beginning of year) $33,000 Utilities expense 2,000 56,000 Equipment Accounts paya...

A: Total assets are the total number of properties owned by a person or entity. Assets are monetary ite...

Q: 9. William desires to purchase a one-fourth capital and profit and loss interest in the partnership ...

A: Solution Partnership consists two or more people combine their resources to form a business and agre...

Q: What amount should be recognized as accrued liability for the infringement of patent case? *

A: Accrued liabilities (expenses) are those liabilities which are incurred by the company but yet to ma...

Q: What is the total amount that was disclosed as compensation to key management personnel for the pare...

A: Compensation is the amount of money which has been earned by the employees of the company or which i...

Q: 14. Red Hot Chili Peppers Co. had the following activity in its most recent year of operations. ...

A: Cash Flow Activities - 1. Operating Activities - This activity starts with Net Income in the operati...

Q: True or False The purpose of adjusting entries is to assign appropriate portion of revenue and profi...

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...

Q: Twenty (20) workers, paid at a wage rate of P70.00 per hour, worked 40 hours each, entirely on Job #...

A: The job order costing system tracks the record of cost with respect to specific job. The material, l...

Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with ter...

A: COncept - The term 3/10, n/30 Indicates that, If the payment is made within 10days then the custom...

Q: . A debit to Sales Discount for P500 b. A credit to Sales Returns and Allowances for P500 c. A credi...

A: This is a loss to the vendor ( me) . So, it will be debited. Deduction in the invoice price will be ...

Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sal...

A: The income statement is the financial statement that shows the financial performance of the business...

Q: Martinez Corporation had January 1 and December 31 balances as follows. 1/1/20 12/...

A: Opening inventory = $94000 Closing inventory = $108,000 COGS = $440,000 Purchases = Closing balance+...

Q: Sheffield Company’s income statement for the year ended December 31, 2020, contained the following c...

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...

Q: Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, ...

A: In the above question Financial loss of P2,500,000 will be an adjusting event P2,500,000 Cust...

Q: Crimson Inc. recorded credit sales of $750,000, of which $600,000 is not yet due, $100,000 is past d...

A: Allowance for Doubtful Accounts - Allowance Account is a contra assets prepare to record provision m...

Q: 22. SONA Co. received an order for 1,000 units of item AY-14. Because of the order’s exacting speci...

A: Effective cost per unit is calculated for measuring the actual cost incurred for the production of e...

Q: Marigold Corporation reported net income of $49,400 in 2020. Depreciation expense was $16,700. The f...

A: Marigold Corporation Cash Flow Statement (Indirect Method) For the year ended December 31, 2020 ...

Q: 5.) A partial payment is made on the date indicated, Use the United States rule to determine the bal...

A: Maturity Value- The maturity date is the day on which the principal amount of a security, such as a ...

Q: . Novak Corporation is preparing its 2020 statement of cash flows, using the indirect method. Prese...

A: Solution The cash flow statement consists of three sections -cash flow from operatin...

Q: How much cash is to be distributed to the partners? 2. How much is to be distributed to the partners...

A: Distribution to Partners for the cash balance remaining after payment of all outside liabilities and...

Q: # 45 A type of short-term loan where the borrower sells its accounts receivables to the lender at a ...

A: A bond refers to a financial instrument issued by the companies which contains fixed coupon rate on ...

Q: What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 3...

A: Adjusting events are those events that arise after the end of reporting period but the conditions fo...

Q: the statement 1. Fixed assets that had cost $20,000 6½ years before and were being depreciated o...

A: Solution 1. Investing and operating activity Explanation: Sales value of fixed assets is shown in in...

Q: At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales ...

A: Estimated bad debt expense= $ 837000*0.50%=$4185

Q: 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discount...

A: Notes are issued at the discount and this discount is interest on the note and proceed from note is ...

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 un...

A: Introduction: LIFO: LIFO stands for Last in First out. Which means Last received inventory to be sol...

Q: No deductions shall be allowed where the transaction is between “related taxpayers” under Sec. 36(B)...

A: Solution Concept As per the provision of the Tax Code The interest expense in not allowed for deduct...

Q: Webb Company uses a job-order costing system and the following information is available from its rec...

A: Work in process inventory is that part of stock on which production has been started but not yet com...

Q: On January 1, 20x1, Mr. A and Ms. B agreed to form a partnership contributing their respective asset...

A: total capital of the partnership refers to the total amount of investment that has been made by the ...

Q: The total capital balance after partnership remain same 7,500,000 ...

A: Admission of a new partner in a partnership firm is treated as a reconstitution of the partnership f...

Q: What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 3...

A: solution concept event occurring after balance sheet date The event occurring after balance date can...

Q: Super Ltd acquired a plant for R1 000 000 on 1 January 2020. The plant has a useful life of 4 years ...

A: Journal Entries for the year 2020: Date Account Title Post ref. Debit Credit Jan 1, 2020 Pr...

Q: Wilton sells softball equipment. On November 14, they shipped S4,000 worth of softball uniforms to P...

A: Wilton sells softball equipment. Answer – Selling price of the product – Defective merchandise = $4...

Q: Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because it...

A: Value of stock = [D0 x (1 + g)]/(r - g) D0 = 3 g = -0.08 r = 0.09

Q: Simple interest 1. If 30,000Pesos accumulates to 30,412.50!at 8 ¼ % simple interest, how many days a...

Q: Kunkel Company makes two products and uses a conventional costing system in which a single plantwide...

A: UNIT PRODUCT COST is the cost of one unit of a product. It includes the direct and indirect costs. ...

Q: Metaverse has become one of the most noticed innovations by leaders who consider themselves capable ...

A: The Metaverse is a type of virtual assistance. Innovative technology that is implemented into the bu...

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

100%

Multiple Choice
A debit to Petty Cash for $385.00.
A debit to Cash for $390.50.
A credit to Cash for $390.50.
A debit to Cash for $379.50.
A credit to Cash Over and Short for $5.50.

Help
Save & EXit
Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the
month. The entry to replenish the petty cash fund will include:
Multiple Choice
A debit to Petty Cash for $385.00.
A debit to Cash for $390.50.
A credit to Cash for $390.50.
< Prev
6 of 10
Next >
here to search
5:03 PA
96%
3/7/202

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 INTRODUCTION

VIEW

Step 2 EXPLANATION

VIEW

Step 3 CONCLUSION

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
A $144 petty cash fund has cash of $24 and receipts of $109. The journal entry to replenish the account would include a Oa. credit to Petty Cash for $109. Ob. credit to Cash for $144. Oc. debit to Cash for $24. Od. debit to Cash Short and Over for $11. Previous Next
A $130 petty cash fund has cash of $16 and receipts of $101. The journal entry to replenish the account would include a Oa. credit to Petty Cash for $101 Ob. credit to Cash for $130 Oc. debit to Cash Short and Over for $13 Od. debit to Cash for $16
A $100 petty cash fund has cash of $9 and receipts of $85. The journal entry to replenish the account would include a credit to Select one: a. Petty Cash for $85. b. Cash for $91. C. Cash Over and Short for $6. d. Cash for S85.
A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180
Calculator A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would indlude a a. debit to Cash for $83 Ob. debit to Cash Short and Over for $13 Oc. credit to Cash for $54 Od. credit to Petty Cash for $29 ( Previous へ
The petty cash fund had an initial imprest balance of $220. It currently has $17 in cash, $5 in miscellaneous petty cash tickets, and an additional $192in specific petty cash tickets. The debit to Cash Short & Over would be ________. A. $192 B. $6 C. $197 D. $17
A $102 petty cash fund contains $90 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash for $90 debit to Cash Short and Over for $5 credit to Petty Cash for $102 credit to Cash Short and Over for $5
A$130 petty cash fund has cash of $16 and receipts of $111. The journal entry to replenish the account would include a O credit to Petty Cash for $114. O debit to Cash Over and Short for $3. O debit to Cash for $111. O credit to Cash for $111.
A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include a ? Please explain with full explanation a. credit to Petty Cash for $29 b. debit to Cash for $83 c. debit to Cash Short and Over for $13 d. credit to Cash for $54
A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to ? Please explain with full explanation a. Cash for $20 b. Cash Short and Over for $3 c. Petty Cash for $190 d. Cash for $180