Given the Following Information What Is the Amount That Needs to Be Recorded for

question 86

Multiple Choice

Given the following information: $\begin{array}{lrlr}\text { Petty cash balance } & \$ 530.00 & \text { Courier receipt } & \$ 74.22 \\\text { Postage receipt } & \$ 25.00 & \text { Office Supplies receipt } & \$ 95.64 \\\text { Business meal receipt } & \$ 54.21 & \text { Cash on hand at the end of the month }& \$ 299.71\end{array}$
What is the amount that needs to be recorded for cash over and short?

• A) Debit $23.29.
• B) Credit $23.29.
• C) Debit $18.78.
• D) No cash over and short is necessary.
• E) Credit $18.78.

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Definitions:

Cost Pool

A collection of specific expenses, usually organized by department or service area, used as a basis for assigning costs to products or services.

Direct Materials Dollars

The total cost of all the raw materials used in the production of a product.

Factory Overhead Rate

Factory overhead rate is the method of allocating indirect manufacturing costs, like utilities and rent, to individual units of production based on a specific allocation base.

Assembly Department

a division within a manufacturing plant where components are put together to create a final product.