A Petty Cash Fund Was Established with a $400 Balance

question 177

Multiple Choice

A petty cash fund was established with a $400 balance. It currently has cash of $15 and petty cash tickets as shown below. $$\begin{array} { | l | r | } \hline \text { Travel expense } & \$ 120 \\\hline \text { Office supplies } & \$ 200 \\\hline \text { Equipment rental expense } & \$ 70 \\\hline\end{array}$$ The journal entry to replenish the account would be which of the following?

• A)debit to Cash Short & Over for $5
• B)credit Cash Short & Over for $5
• C)debit Petty Cash for $5
• D)credit Petty Cash for $5

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Definitions:

Social Security

A government program that provides financial assistance to people with an inadequate or no income, primarily the elderly, disabled, and families of deceased workers.

Economic Policy

Strategies and actions taken by the government or regulatory bodies to influence the economy's behavior and outcomes.

Economic Growth

The escalation in the real value of goods and services an economy produces, adjusted for inflation, across a timeframe.

Economic Output

The total value of all goods and services produced by an economy over a specific time period.