A receipt called a petty cash voucher should be prepared for ...

[melly21297]

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Slumbers, Inc. borrows 3,000 at 12 from a bank on September 1, 2012 and agrees to pay the interest and principal in two years. Which of the following will be reported on the year ended December 31, 2012 financial statements?
 
  A) The balance sheet will report Interest payable of 120.
  B) The income statement will report Interest expense of 0.
  C) The statement of cash flows will report Cash paid for interest of 120.
  D) The income statement will report Interest expense of 360.

[Dnite]

Answer to Question 1

True

Answer to Question 2

A