A Petty Cash Fund, Established with a $250 Balance, Had

question 162

Multiple Choice

A petty cash fund, established with a $250 balance, had petty cash tickets totalling $219 and cash in the amount of $34. The entry to replenish the fund would include a:

• A)credit to Cash Short and Over for $3.
• B)credit to Cash in Bank for $250.
• C)debit to Petty Cash for $219.
• D)debit to Cash in Bank for $216.

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Definitions:

Elastic

A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Total Revenue

The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.