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.

A company has established a petty cash fund of $200. At the end of the month, there is still $143 of cash left in the fund. Which of the following is TRUE?Select answer from the options belowthe company should abandon the use of a petty cash fund as it is obviously not requiredthe company should not replenish the cash as there is likely enough for next monththe company should replenish the fund as the rules state it needs to have $200 cashthe company should replenish the fund in order to record the costs incurred in the petty cash fund in the accountsSave 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

At the end of the month, ABC Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $44. It started out with $100 in the fund at the beginning of the month. Demonstrate the journal entry to replenish the account and recognize its shortage by choosing the correct action from those given below.Multiple choice question.Petty Cash is debited for $96.Cash is credited for $98.Cash is credited for $96.Cash is credited for $94.

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