On January 1, Wong Company Established a Petty Cash Fund

question 227

Multiple Choice

On January 1, Wong Company established a petty cash fund of $300. The journal entry to record the replenishment of the fund for $260 at the end of January includes:

• A) A debit to Petty Cash of $260.
• B) A credit to Cash of $260.
• C) A debit to various expenses of $40.
• D) No journal entry; an entry is needed only when the petty cash fund is created or discontinued.

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Definitions:

Natural Selection

A process in biological evolution where organisms with traits best suited to their environment have higher survival and reproduction rates, influencing the genetic makeup of future generations.

Survival of the Fittest

A concept from evolutionary theory suggesting that those organisms best adapted to their environment are more likely to survive and reproduce.

Sociobiology

An interdisciplinary science that studies the biological bases of social behavior, across species, drawing from ethology, evolutionary theory, and genetics.

Evolutionary Psychology

A theoretical approach in the social and natural sciences that examines psychological structure from a modern evolutionary perspective.