WorksheetsPetty Cash
Total questions: 25
Worksheet time: 19mins
The entry to establish petty cash fund include
A debit to Cash and Cr to Petty Cash
A debit to Cash and a credit to Cash over and Short
A debit to Petty Cash and a credit to Cash
A debit to Petty Cash and a Credit to AR
UNF has a $200 Petty Cash Fund, At the end of the first month, the accumulated receipt represent $43 for delivery, $127 for merchandise, $12 for misc expenses. The fund has a balance of $18. The Journal Entry to record replenishment of the account included
Credit to Cash for 182
Debit to Petty cash for $182
Debit to Cash over and Short $18
Credit to cash over and short $18
What is the purpose of replenishing petty cash?
To discourage employees from using cash for small expenses
To reduce the amount of cash on hand
To ensure there is enough cash available for small expenses and to maintain a record of these expenses.
To keep track of large expenses
Which transactions would replenish a petty cash account that has more cash than expected?
Debit Cash, Debit Cash Short/Over; Credit Petty Cash
Debit Cash; Credit Petty Cash, Credit Cash Short/Over
Debit Expenses; Credit Cash, Credit Cash Short/Over
Debit Expenses, Debit Cash Short/Over; Credit Cash
What is the journal entry to record the reimbursement of the petty cash fund when the fund has receipts for postage of $25, office supplies of $30, and miscellaneous expenses of $20?
Debit Petty Cash $75; credit Cash $75.
Debit Postage Expense $25, Office Supplies Expense $30, Miscellaneous Expense $20; credit Cash $75.
Debit Postage Expense $25, Office Supplies Expense $30, Miscellaneous Expense $20; credit Petty Cash $75.
Debit Cash $75; credit Postage Expense $25, Office Supplies Expense $30, Miscellaneous Expense $20.
A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $4 in cash. In recording the check:
debit Cash Over and Short for $2.
debit Petty Cash for $94.
credit Cash for $94.
credit Petty Cash for $2.
What type of account is "Petty Cash"?
Asset
Liability
Owners Equity
Revenue
Expense
A company want to decrease its $200 petty cash fund to 175. The entry to that
Debit to Cash over and short for $25; credit Petty Cash $25
Debit to Cash $25, Cr Petty Cash $25
Debit Petty Cash $175, Debit Cash over and short $25, Cr Cash $200
Debit Petty Cash $25, Cr Cash $25
How comfortable are with petty cash?
I am amazing. I will get full credit on the quiz.
I am feeling pretty good. Should be a good/decent grade.
I have my good days and my bad days.
Uh oh...struggle bus!
What is the purpose of the bank reconciliation process?
To identify discrepancies or errors between the bank statement and company's records.
To determine the bank's profitability.
To calculate interest earned on bank accounts.
To track customer transactions.
Which of the following is a step in the bank reconciliation process?
Recording transactions in the general ledger
Comparing the bank statement with the company's records
Preparing financial statements
Auditing the bank's financial records
What are journal entries for bank reconciliation used for?
To record interest earned on bank accounts
To record deposits made by customers
To record expenses paid by check
To record adjustments needed to reconcile the bank statement balance with the company's cash balance in the general ledger.
What is the purpose of preparing journal entries for bank reconciliation?
To adjust the balance of the company's cash account to match the balance reported by the bank.
To increase the balance of the company's cash account
To match the balance reported by the company, not the bank
To decrease the balance of the company's cash account
If the final balance in the bank statement is $3900 Cr, unpresented cheques equal $500 and outstanding deposits total $900, the final balance in the business's bank account is:
$4300 Dr
$4300 Cr
$3500 Cr
$3500 Dr
If the final balance in the bank reconciliation statement is $5600 Dr, the opening balance in the bank account is $2100 Dr, the amount of payments during the month is $22400 and the amount of outstanding deposits is $300, the amount of receipts during the month is:
$25900
$14700
$18900
$14400
If the final balance in the bank statement is RM 3,500 Dr, unpresented cheques equal RM 200 and outstanding deposits total RM 400, the final balance in the business's bank account is:
RM 3,700 Dr
RM 3,700 Cr
RM 3,300 Cr
RM 3,300 Dr
If the final balance in the bank statement is $3500 Dr, unpresented cheques equal $200 and outstanding deposits total $400, the final balance in the business's bank account is:
$3700 Dr
$3700 Cr
$3300 Cr
$3300 Dr
A (a) is on that has been recorded in both the check stub and on the bank statement. An (b) is one that is recorded in the check stub but not on the bank statement. Finally, an (c) is one that is recorded as a deposit on the check stub and dishonored by the bank.
What is the impact of the following item when reconciling?
An NSF check from customer Anne Campbell for $52
Added to the checkbook balance
Deducted from the checkbook balance
Added to the bank statement balance
Deducted from the bank statement balance
What is the impact of the following item when reconciling?
An outstanding check for $185 written to Cole Realty
Added to the checkbook balance
Deducted from the checkbook balance
Added to the bank statement balance
Deducted from the bank statement balance
On March 31, 2023, Angle Company received a bank statement dated March 28. The following information is obtained from this statement and the business records: (Does the bank statement reconcile?)
Bank Statement Balance: $3,500.00
Outstanding Checks:
No. 543 - $100.00
No. 544 - $ 90.00
Bank Service Charge: $3.50
Outstanding Deposits:
March 27, $500.00
March 28, $200.00
Checkbook Balance on Check Stub 547: $3,873.00
D. Yes, the adjusted checkbook balance is more than the adjusted bank balance.
Yes, the adjusted checkbook balance and the adjusted bank balance agree.
No, the adjusted checkbook balance is $913.50 too high.
No, the adjusted checkbook balance is $140.50 too low.
Which of the following would be subtracted from the balance per books on a bank reconciliation?
Outstanding checks.
Deposits in transit.
Bank service charges.
Notes collected by the bank.
What is the correct journal entry to record the bank fees charged by the bank on a company's bank account?
Debit Bank Fees Expense; Credit Cash
Debit Cash; Credit Bank Fees Expense
Debit Accounts Payable; Credit Bank Fees Expense
Debit Bank Fees Expense; Credit Accounts Receivable
If a company's book balance is $2,500 and the bank statement shows a service charge of $15 and a deposit in transit of $300, what is the adjusted book balance?
$2,785
$2,515
$2,485
$2,315
How comfortable are with bank reconciliations?
I am amazing. I will get full credit on the quiz.
I am feeling pretty good. Should be a good/decent grade.
I have my good days and my bad days.
Uh oh...struggle bus!
