Author Question: A petty cash fund of 200 has 27 in cash, 170 in petty cash vouchers, and 3 in miscellaneous receipts ... (Read 271 times)

ETearle · **on:** Jul 5, 2018

A petty cash fund of 200 has 27 in cash, 170 in petty cash vouchers, and 3 in miscellaneous receipts not included with the petty cash vouchers. The debit to the Cash Short and Over would be
a. 173.
b. 170.
c. 27.
d. 0.

Question 2

Inventory consists of items that ________.

A) are purchased for resale to customers as a normal operating activity
B) are purchased, and will be sold to customers only if they go up in market value
C) are intangible in nature
D) can be stored indefinitely and will be held in the business