Author Question: Henry Co establishes a Petty Cash Fund of 150 . The journal entry to establish the fund would be: ... (Read 192 times)

nramada · **on:** Jul 6, 2018

Henry Co establishes a Petty Cash Fund of 150 . The journal entry to establish the fund would be:
a. Petty Cash Fund 150
Cash 150
b. Cash 150
Petty Cash Fund 150
c. Supplies Expense 150
Cash 150
d. none of the answers listed.

Question 2

Which format of the income statement should be used for analysis purposes?

a. Multiple-step.
b. Cash basis.
c. Single-step.
d. Accrual basis.