A company writes a replenishment cheque for the petty cash fund and the journal entry to record this includes a credit of $1 to an account that is reported as 'Miscellaneous Expense/Revenue' on the income statement. What is the most likely reason for this credit?Select answer from the options belowthere was a cash receipt of $1 into the petty cash fundthe cash count was higher than the cash receipts by $1the cash count was lower than the amount of cash receipts by $1the cash count was higher than the cash receipts by $.50Save for LaterSubmit Answer

At the end of the month, a company is replenishing the petty cash fund with a cheque for $87. Cash receipts for the fund total $87, which all relates to postage purchased. What is the impact of the entry to record this replenishment cheque on the financial statements?Select answer from the options belowassets decrease and expenses increaseassets and expenses decreaseno impact as assets increase and decrease by the same amountassets and expenses increase

A company established a petty cash fund for $150. At the end of the month, the cash count was $72 and the cash receipts totalled $72. Of this $33 was spent on postage stamps, $25 was spent on delivery expense, $14 to purchase some office supplies. Which of the following is TRUE?Select answer from the options belowthe cash receipts total is the same as the amount of the replenishment chequethere is a cash shortagethe cash receipts total less than the amount of the replenishment chequethe cash receipts total more than the amount of the replenishment cheque

At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. It started out with $100 in the fund at the beginning of the month. Brown Co.'s journal entry to replenish the fund would include which of the following?Multiple choice question.Cash is credited for $96.Petty Cash is debited for $96.Cash is debited for $96.

Which of the following would be added to the ending balance as per the bank statement toenable reconciliation of that balance to the Cash at Bank account balance:(a) Dishonoured cheque(b) Cash receipt journal error recording cash of $454 which should have been recorded as$445(c) Unpresented cheque(d) Deposit not yet credited(e) Bank error in processing a receipt crediting $463 whereas $436 should have beencredited

Select all that applyReview the following statements and select the ones which accurately describe a Petty Cash fund. Select all answers which apply.Multiple select question.It is an account used to record small sales amounts.It is established to pay for small payments like low-cost supplies and shipping fees, etc.It is an expense reported on the income statement.It is an asset reported on the balance sheet.