The Entry to Replenish a $300 Petty Cash Fund,which Has

question 3

Multiple Choice

The entry to replenish a $300 petty cash fund,which has cash of $140 and valid receipts for $148,would include:

• A)a credit to Cash for $160.
• B)a debit to Petty Cash for $160.
• C)a credit to Cash for $148.
• D)a credit to Petty Cash for $148.

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Definitions:

Closing Periods

The process of ending an accounting period by finalizing entries in the general ledger and preparing for a new financial period.

Accounting Periods

Time intervals at the end of which a company prepares financial statements, commonly monthly, quarterly, or annually.

Objectives

Clear, measurable goals that an individual or organization aims to achieve within a specific timeframe.

EasyStep Interview

A feature in QuickBooks that guides users through the process of setting up their company file by asking a series of questions.