Wrightsville Beach Company Produces Ice Packs and Various Sizes of Cooler

question 130

Multiple Choice

Wrightsville Beach Company produces ice packs and various sizes of cooler bags.The Lunch Box division would like to buy 125,000

• A)$1.14
• B)$1.25
• C)$1.65
• D)$1.75

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Definitions:

Petty Cash

Petty cash refers to a small amount of cash on hand used for paying minor expenses in an organization to avoid writing checks for small amounts.

Journal Entry

is a record in accounting that represents the recording of a financial transaction, comprising debit and credit entries.

Disbursed Accounts

These are accounts from which funds have been paid out or disbursed, typically to settle obligations or expenses.

Petty Cash Fund

A minimal sum of money maintained for the purpose of covering various minor expenditures on the spot.