6. What cash system account is used to recond the amount of cash shonages or ove

Question

6. What cash system account is used to recond the amount of cash shonages or oveges tive to s petty A. Pety Cash Payable B. Petty Cash C. Cash Short and Over D. Petty Cash Expense 7. In a company's bank reconciliation, an outstanding check is a check that A. is guaranteed for payment by the bank B. has been issued by the company but has not been presented to the bank for payment C. has been written for an amount that is lower than the balance in the account holder's bank account. D. has been written for an amount that is greater than the balance in the account holder's bank account. 8. On April 30, 2017, Southern Company established a petty cash fund of $1.000. On May 1. 2017, a disbursement of $255 was made from the fund for payment of delivery expense. What entry should be made on May 1, 2017 to record this disbursement? A. Debit delivery expense, $255; credit cash, $255. B. Debit petty cash, $255; credit cash, $255 C. Debit delivery expense, $255; credit petty cash $255. D. No entry necessary

Explanation / Answer

6 C. Cash Short and over 7 B.has been issued by the company but has not been presented to the bank for payment 8 C Debit Delivery expense 255 Credit Petty Cash 255

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