Author Question: A petty cash fund of 200 has 17 in cash, 180 in petty cash vouchers, and 3 in miscellaneous receipts ... (Read 194 times)

809779

  • Hero Member
  • *****
  • Posts: 579
A petty cash fund of 200 has 17 in cash, 180 in petty cash vouchers, and 3 in miscellaneous receipts not included with the petty cash vouchers. The proper journal entry to replenish the fund would include a credit to Cash for
 a. 3.
   b. 17.
   c. 180.
   d. 183.

Question 2

The employees of Roll n Dough, Inc get paid every Friday for a 5-day workweek (Monday through Friday). The total payroll is 3,000 per day of work.
 
  If the accounting period ends on Thursday of a given week, what adjustment must be made to the company's accounting records?
  A) Increase Salaries payable by 15,000 and decrease shareholders' equity by recognizing Salaries expense for the same amount.
  B) Increase Salaries payable by 12,000 and decrease shareholders' equity by recognizing Salaries expense for the same amount.
  C) Decrease Cash by 12,000 and decrease shareholders' equity by recognizing Salaries expense for the same amount.
  D) No adjustment is necessary because there is no expense until the employees are paid on Friday.



jessicaduplan

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

d

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

For a complete list of videos, visit our video library