The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds $118 in cash and $141 in petty cash tickets. Based on this information, which of the following statements is correct? OA. To replenish the petty cash fund, the company must write a check, payable to Petty Cash, for $141. OB. The total of the cash on hand plus petty cash tickets equals the designated fund balance. OC. The petty cash fund custodian must locate the $9 discrepancy. OD. A shortage of $9 exists.

The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds $118 in cash and $141 in petty cash tickets. Based on this information, which of the following statements is correct? OA. To replenish the petty cash fund, the company must write a check, payable to Petty Cash, for $141. OB. The total of the cash on hand plus petty cash tickets equals the designated fund balance. OC. The petty cash fund custodian must locate the $9 discrepancy. OD. A shortage of $9 exists.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A petty cash fund was established with a $500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A. debit Cash $35; credit various expenses $35 B. debit various expenses $465; credit Petty Cash $465 C. debit various expenses $465; credit Cash $465 D. credit Petty Cash $465; debit Cash $465
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