A Petty Cash Fund Was Established with a $400 Balance

question 10

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. 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 fund $5
• D)Credit Petty cash fund $5

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Definitions:

Type II Error

The error that occurs when the null hypothesis is falsely accepted, meaning the failure to detect an effect that is present.

Null Hypothesis

A hypothesis that assumes no statistical significance exists in a set of given observations.

Sample Mean

The arithmetic average of a set of sample values, used as an estimate of the population mean.

Null Hypothesis

A statement or assumption that there is no significant difference or effect, serving as the default conclusion until evidence suggests otherwise.