An income statement account that is used to record cash overages and cash shortages arising from omitted petty cash receipts and from errors in making change is called the: A)Cash Lost accountB) Bank Reconciliation accountC)Petty Cash account D)Cash Over and Short account
The entry necessary to establish a petty cash fund should include: A)A debit to Cash and a credit to Petty Cash.B)A debit to Petty Cash and a credit to Accounts Receivable.C) A debit to Petty Cash and a credit to Cash.D) A debit to Cash and a credit to Cash Over and Short.

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Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: A) A debit to Cash for $377.50. B) A credit to Cash Over and Short for $5.00. C) A debit to Petty Cash for $382.50.D) A credit to Cash for $387.50.
Outstanding checks refer to checks that have been: A) Written, recorded, sent to payees, and received and paid by the bank. B) Written and not yet recorded in the company books. C) Held by the company as blank checks.D) Written and recorded on the company books; sent to the customer, supplier, or creditor but not yet paid by the bank.
D) Written and recorded on the company books; sent to the customer, supplier, or creditor but not yet paid by the bank.
A check that was outstanding on last period"s bank reconciliation was not included with the canceled checks returned by the bank this period. As a result, in preparing this period"s reconciliation, the amount of this check should be: A) Deducted from the bank balance. B) Added to the bank balance. C) Added to the book balance. D) Deducted from the book balance.
In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 4239 for November"s rent was correctly written and drawn for $3,790 but was erroneously entered in the accounting records as $7,390. When reconciling the November bank statement, the company should: A) Deduct $3,600 from the book balance. B) Deduct $3,600 from the bank statement balance.C) Add 3,600 to the book balance. D) Add $7,390 to the book balance.

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Triple Company"s accountant made an entry that included the following items: debit postage expense $12.42, debit office supplies expense $27.33, credit cash over/short $2.19. If the original amount in petty cash is $320, how much is in petty cash before the reimbursement? A) $282.44B)$320.00C) $278.06D) $37.56
Given the following information:Petty cash balance, $450.00 Courier receipt, $82.50Postage receipt, $48.00 Office Supplies receipt, $56.22Business meal receipt, $102.34 Cash on hand at the end of the month, $76.21What is the amount of cash over and short? A) Debit $84.73. B) Debit $160.94. C) Credit $160.94. D) Credit $84.73.
Fluffy Pet Grooming deposits all cash receipts on the day when they are received and all cash payments are made by check. At the close of business on June 30, its Cash account shows a $14,811 debit balance. Fluffy Pet Grooming"s June 30 bank statement shows $14,472 in the bank. Prepare a bank reconciliation for Fluffy Pet Grooming using the following information:a.Outstanding checks as of June 30 total $2,261.b.The June 30 bank statement included a $75 debit memorandum for bank services.c.Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet Grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798.d.The June 30 cash receipts of $2,534 were placed in the bank"s night depository after banking hours and were not recorded on the June 30 bank statement. What is the adjusted bank balance? A) $14,265B) $14,538C) $14,745D) $14,677
The following information is available to reconcile Sleepy Time Bedding"s book balance of cash with its bank statement cash balance as of July 31:a.On July 31, the company"s Cash account has a $25,862 debit balance, but its July bank statement shows a $28,177 cash balance.b.Check No. 1531 for $1,520 and Check No. 1540 for $752 were outstanding on the June 30 bank reconciliation. Check No. 1540 is listed with the July canceled checks, but Check No. 1531 is not. Also, Check No. 1565 for $536 and Check No. 1569 for $2,288, both written in July, are not among the canceled checks on the July 31 statement.c.In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 1556 for July rent was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230.d.A credit memorandum enclosed with the July bank statement indicates the bank collected $9,500 cash on a receivable for Sleepy Time Bedding, deducted a $48 collection fee, and credited the remainder to its account. Sleepy Time Bedding had not recorded this event before receiving the statement.e.A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Sleepy Time Bedding has not yet recorded this check as NSF.f.Enclosed with the July statement is a $14 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.g.Sleepy Time Bedding July 31 daily cash receipts of $10,652 were placed in the bank"s night depository on that date, but do not appear on the July 31 bank statement.What is the adjusted book balance? A) $34,485B)$27,025C) 28,150D) $34,994
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Financial and Managerial Accounting7th EditionBarbara Chiappetta, John J. Wild, Ken W. Shaw
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