Author Question: Maxine Co establishes a Petty Cash Fund of 250 . The journal entry recorded would include a a. ... (Read 153 times)

jman1234 · **on:** Jul 6, 2018

Maxine Co establishes a Petty Cash Fund of 250 . The journal entry recorded would include a
a. debit to Cash.
b. debit to Supplies Expense.
c. debit to Petty Cash Fund.
d. none of the answers listed.

Question 2

When will a firm regard goodwill on its books?

a. When one company acquires another company for a price in excess of the fair market value of the net identifiable assets acquired.
b. When the firm donates property to charities.
c. When it is determined that there has been a loss of value of long-term assets.
d. When fixed assets are impaired.