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, 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 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, 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.

Select all that applyDetermine which of the statements below are accurate regarding how a petty cash fund is created and used in a business. (Check all that apply.)Multiple select question.A check is drawn by the company cashier to establish the petty cash fund.The sum of all petty cash receipts plus the remaining cash should equal the total of the fund amount at any given time.The petty cashier is responsible for making payments from the petty cash fund.Any employee may disburse cash from the fund as long as they bring back a receipt for their purchase.The petty cashier is responsible for keeping the cash in the fund safe.When the fund is replenished, the petty cash fund account is debited.

Select all that applyJackson Co. needs to replenish its petty cash fund. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. The fund was initially established with $100. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below.Multiple select question.Petty Cash is credited for $89.Petty Cash is debited for $89.Supplies Expense is debited for $40.Delivery Expense is debited for $49.Cash is credited for $89.