Petty Cash
Flashcard
•
Business
•
University
•
Hard
Wayground Content
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24 questions
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1.
FLASHCARD QUESTION
Front
The entry to establish petty cash fund include: A debit to Petty Cash and a credit to Cash
Back
A debit to Petty Cash and a credit to Cash
2.
FLASHCARD QUESTION
Front
UNF has a $200 Petty Cash Fund. At the end of the first month, the accumulated receipts represent $43 for delivery, $127 for merchandise, and $12 for miscellaneous expenses. The fund has a balance of $18. What is the Journal Entry to record replenishment of the account?
Back
Credit to Cash for 182
3.
FLASHCARD QUESTION
Front
What is the purpose of replenishing petty cash?
Back
To ensure there is enough cash available for small expenses and to maintain a record of these expenses.
4.
FLASHCARD QUESTION
Front
Which transactions would replenish a petty cash account that has more cash than expected? Options: Debit Cash, Debit Cash Short/Over; Credit Petty Cash, Debit Cash; Credit Petty Cash, Credit Cash Short/Over, Debit Expenses; Credit Cash, Credit Cash Short/Over, Debit Expenses, Debit Cash Short/Over; Credit Cash
Back
Debit Expenses; Credit Cash, Credit Cash Short/Over
5.
FLASHCARD QUESTION
Front
What is the journal entry to record the reimbursement of the petty cash fund when the fund has receipts for postage of $25, office supplies of $30, and miscellaneous expenses of $20?
Back
Debit Postage Expense $25, Office Supplies Expense $30, Miscellaneous Expense $20; credit Cash $75.
6.
FLASHCARD QUESTION
Front
A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $4 in cash. In recording the check:
Back
debit Cash Over and Short for $2.
7.
FLASHCARD QUESTION
Front
What type of account is "Petty Cash"?
Back
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