Morris Company Established a Petty Cash Fund with a $600

question 140

Multiple Choice

Morris Company established a petty cash fund with a $600 balance.Which of the following statements is incorrect?

• A)A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600.
• B)There is no net effect on current assets.
• C)The sum of the cash plus the total of the petty cash tickets should equal $600 at all times.
• D)The petty cash custodian cashes a check for $600 and places the currency in the petty cash fund box.

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Definitions:

Sodium Intake

The amount of sodium consumed, usually measured in milligrams, which is considered in relation to dietary guidelines to maintain health and prevent disease.

Moderate-to-vigorous Aerobic Physical Activity

Physical activities that elevate the heart rate and improve cardiovascular conditioning, ranging from brisk walking to intense running.

Quit Smoking

The process of discontinuing tobacco smoking, which can lead to significant improvements in health and reduce the risk of developing smoking-related diseases.

Angina Pectoris

A type of chest pain caused by reduced blood flow to the heart muscle, usually due to coronary artery disease.