The Debit Recorded in the Journal to Reimburse the Petty

question 133

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:

Interest Expense

This is the cost incurred by an entity for borrowed funds, usually presented as an expense on the income statement.

Operating Expense

Expenses incurred through normal business operations, such as rent, utilities, and payroll.

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period.

Current Liability

A company's debts or obligations that are due within one year or within the normal operating cycle.