A Petty Cash Fund Was Established with a $500 Balance

question 8

Multiple Choice

A petty cash fund was established with a $500 balance. It currently has cash of $19 and petty cash tickets as shown below. Which of the following would be the journal entry to replenish the Petty Cash account?

• A)debit to Cash Short & Over for $1
• B)credit Cash Short & Over for $1
• C)debit Petty Cash $1
• D)credit Petty Cash $1

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Definitions:

Performing Arts Theater

A venue dedicated to hosting live performances, such as plays, musicals, and concerts, by artists and performers.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in its price.

Complementary Good

A product that is used together with another product, increasing demand for both when the price of one decreases.

Inferior Good

A type of good whose demand decreases when consumers' incomes increase, opposite to normal goods.