A Petty Cash Fund Was Established with a $600 Balance

question 137

Multiple Choice

A petty cash fund was established with a $600 balance.It currently has cash of $45 and petty cash tickets as shown below:

Which of the following would be included in the journal entry to replenish the Petty Cash fund?

• A)debit to Cash Short & Over for $85
• B)credit to Cash Short & Over for $85
• C)debit to Petty Cash for $85
• D)credit to Petty Cash for $85

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Definitions:

Intent to Deceive

The deliberate intention to mislead or trick someone, often to gain an unfair advantage or benefit.

Material Fact

A fact that is significant or essential to the issue or matter at hand, and could influence a decision.

Securities Exchange Act

The Securities Exchange Act is a U.S. federal law that governs the trading of securities, such as stocks and bonds, to protect investors against fraud and to regulate the securities industry.

Scienter

A legal term referring to the knowledge of wrongdoing, particularly in cases of fraud or deceit.