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frosja888 [35]
3 years ago
5

A $100 petty cash fund has cash of $17 and receipts of $86. The journal entry to replenish the account would include a :

Business
2 answers:
Hunter-Best [27]3 years ago
6 0

Answer:

credit to cash over and short for $3

Explanation:

petty cash fund = $100

cash available = $17

receipts = $86

in order to replenish the account

cash available + receipts - petty cash fund

= ( $86 + $17 ) - $100 = $3

The journal entry for this transaction will be : credit to cash over and short for $3

A petty cash fund is an account set aside by a firm or company for the day to day running of the company ( minor expenses) and there is usually a threshold amount expected to be in it hence in the Journal  a credit to cash over and short for $3 will be entered.

Paladinen [302]3 years ago
4 0

Answer:

The correct option is C, credit to cash over and short for $3

Explanation:

The requirement targets the balancing entry in the cash account,with cash of $17 in the petty cash account coupled with receipts of $86, the total amount in the petty cash is $103 ($86+$17) and the established float is just $100, which implies that the petty cash has an excess fund of $3 that must be returned to the main cash account.

The excess is the difference between $103 cash in the petty cash account and the maximum float of $100($103-$100)

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A major stockholder of a corporation is most likely to be the controlling person in the initial sale of securities who also has power over the issuer in such sales.

<h3>Who is a Stockholder ?</h3>

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2 years ago
Universal Containers (UC) wants Lightning Experience enabled employees who have Salesforce user licences to access a Community.
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3 years ago
If a local diner can sell 50 burgers per day at a price of $5 each, but must reduce the menu price to $4.95 to sell one more bur
wolverine [178]

Answer:

$2.45

Explanation:

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Marginal revenue = Change in total revenue ÷ Change in number of quantity sold

where,

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So, the change in total revenue is

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4 0
3 years ago
A(n) ______ is maintained for each financial statement item, whereas a(n) ______ contains all of the accounts of the company.
Svetllana [295]

Answer:

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Financial statements refers to a statement that that provides formal records of all financial activities and standing of a company or any entity in a structured and easily understandable manner.

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3 years ago
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IRISSAK [1]

Answer:

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