Island Equipment Has a Petty Cash Fund of $360

question 117

Multiple Choice

Island Equipment has a petty cash fund of $360. At the end of the month, $7 remains in the fund along with $330 in various receipts. The journal entry to replenish the fund would show a debit(s) to:

• A)various expenses for $330 and Cash short of $23.
• B)various expenses for $330 and Cash over of $23.
• C)Cash for $353.
• D)Cash for $330.

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Definitions:

Residual Value

The estimated value of an asset at the end of its useful life.

Lease Terms

The conditions under which a lease will be granted, including duration, payment intervals, fees, restrictions, and penalties.

Lease Obligations

Financial commitments a company incurs as a result of entering into a lease agreement for property, plant, or equipment.

Lessee

A person or entity that leases an asset from another party, known as the lessor.