The journal entry to record the issuance of the initial check to establish a petty cash fund of $750 is as follows: Debit Petty cash fund and Credit Cash. True or False?

Which of the following statements are true regarding the control of cash receipts and cash payments? Over-the-counter cash sales should be recorded on a cash register after each sale.

Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

1)The credit department runs a credit check on all customers who apply for credit one in account proves uncollectible, the credit department authorizes the right off of the accounts receivable number  2) cash receipts come into the credit department which separates the cash received from the customers remittance slips. The credit department list all cash receipts by customer name and amount of cash received 3)  The cash goes to the treasurer for deposit in the bank the remittance slip go to the accounting department for posting to customers. 4) The controller compares the daily deposit slip to the total amount posted to the customers account. Both amounts must agree.