Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company writes a replenishment cheque for the pe

A company writes a replenishment cheque for the petty cash fund and the journal entry...

80.2K

Verified Solution

Question

Accounting

A company writes a replenishment cheque for the petty cash fund and the journal entry to record this includes a credit of $1 to an account that is reported as 'Miscellaneous Expense/Revenue' on the income statement. What is the most likely reason for this credit?

  1. the cash count was lower than the amount of cash receipts by $1
  2. the cash count was higher than the cash receipts by $1
  3. there was a cash receipt of $1 into the petty cash fund
  4. the cash count was higher than the cash receipts by $.50

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe the Applications, Reagents, and Procedure of the Southern blot technique. Add bibliography.

Chemistry
Q

Below are numbers from a balance sheet and income statement. Based on these numbers calculate the...

Finance
Q

Indicate what considerations should be taken into account for a good design of an audio amplifier.

Electrical Engineering
Q

Magnolia Manufacturing makes wing components for large aircraft. Kevin Choi is the production manager, responsible for manufacturing,...

Accounting
Q

1kWw 3 kg J 77777 1981B2 A massless spring is between a 1 kilogram mass...

Physics
Q

Consider the inner product on R defined by u v u Av for some 2...

Algebra
Q

Required information Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four...

Accounting
Q

Under what conditions of bond issuance does a discount on bonds payable arise? Under what...

Accounting
Q

On July 31, 2022.Crane Company had a cash balance per books of $6,355.00. The statement...

Accounting
Q

Suppose your expectations regarding the stock market are as follows: Use above equations to...

Finance
Q

Shown below are the budgeted sales for Tim Company for the next seven months: Budgeted...

Accounting
Q

Problem 2-2 Stockholders of Acme Company, Baltic Company, and Colt Company are considering alternative arrangements...

Accounting