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Author Question: A 200 petty cash fund has cash of 20 and receipts of 177 . The journal entry to replenish the ... (Read 199 times)

bio_gurl

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on: Jul 5, 2018
A 200 petty cash fund has cash of 20 and receipts of 177 . The journal entry to replenish the account wouldinclude a credit to
 a. Cash for 20
  b. Cash Over and Short for 3
  c. Petty Cash for 190
  d. Cash for 180

Question 2

On November 1, 2011, The Mane Event, Inc. borrowed 40,000 from a local bank for 24 months at 11 annual interest. Both principal and interest are due when the note matures. Which statement below is TRUE?
 
  A) The note is a current-term liability on the balance sheet at Dec. 31, 2011.
  B) The note is a long-term liability on the balance sheet at Dec. 31, 2012.
  C) The transaction represents an investing activity.
  D) The transaction represents a financing activity.


momtoalll

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

D


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