The Debit Recorded in the Journal to Reimburse the Petty

question 15

Multiple Choice

The debit recorded in the journal to reimburse the petty cash fund is to:

• A) petty cash.
• B) accounts receivable.
• C) cash.
• D) various accounts for which the petty cash was disbursed.

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Definitions:

Depreciation

A method to allocate a portion of the original cost of an asset to expense over its expected useful life to reflect its decreasing value.

Tax Rate

The slice of a corporation's or individual's income designated for tax.

Annual Costs

The total expenses incurred by an individual or organization over the course of a year.

Required Return

The minimum return an investor expects to achieve by investing in a particular asset, considering the risk involved.