Fraud, Internal Control, and Cash
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111. Which of the following would be deducted from the balance per bank on a bank
reconciliation?
a. Outstanding checks.
b. Deposits in transit.
c. Notes collected by the bank.
d. Service charges.
112. Which of the following would be added to the balance per bank on a bank reconciliation?
a. Outstanding checks.
b. Deposits in transit.
c. Notes collected by the bank.
d. Service charges.
113. A check returned by the bank marked “NSF” means
a. no service fee.
b. no signature found.
c. not satisfactorily filled out.
d. not sufficient funds.
114. A debit memorandum would not be issued by the bank for
a. a bank service charge.
b. the issuance of traveler’s checks.
c. the wiring of funds.
d. the collection of a notes receivable.
115. A bank reconciliation should be prepared
a. whenever the bank refuses to lend the company money.
b. when an employee is suspected of fraud.
c. to explain any difference between the depositor’s balance per books with the balance
per bank.
d. by the person who is authorized to sign checks.
116. Deposits in transit
a. have been recorded on the company’s books but not yet by the bank.
b. have been recorded by the bank but not yet by the company.
c. have not been recorded by the bank or the company.
d. are customers’ checks that have not yet been received by the company.
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117. In preparing a bank reconciliation, outstanding checks are
a. added to the balance per bank.
b. deducted from the balance per books.
c. added to the balance per books.
d. deducted from the balance per bank.
118. If a check correctly written and paid by the bank for $628 is incorrectly recorded on the
company’s books for $682, the appropriate treatment on the bank reconciliation would be
to
a. add $54 to the book’s balance.
b. subtract $54 from the book’s balance.
c. deduct $54 from the bank’s balance.
d. deduct $628 from the book’s balance.
119. A check written by the company for $167 is incorrectly recorded by a company as $176.
On the bank reconciliation, the $9 error should be
a. added to the balance per books.
b. deducted from the balance per books.
c. added to the balance per bank.
d. deducted from the balance per bank.
120. For which of the following errors should the appropriate amount be added to the balance
per bank on a bank reconciliation?
a. Check for $63 recorded as $36.
b. Deposit of $600 recorded by bank as $60.
c. A returned $300 check recorded by bank as $30.
d. Check for $75 recorded as $57.
121. For which of the following errors should the appropriate amount be subtracted from the
balance per bank on a bank reconciliation?
a. Check for $63 recorded as $36.
b. Deposit of $600 recorded by bank as $60.
c. A returned $300 check recorded by bank as $30.
d. Check for $75 recorded as $57.
122. For which of the following errors should the appropriate amount be added to the balance
per books on a bank reconciliation?
a. Check written for $63, but recorded as $36.
b. Deposit of $600 recorded by bank as $60.
c. A returned $300 check recorded by bank as $30.
d. Check written for $57, but recorded as $75.
Fraud, Internal Control, and Cash
7-23
123. For which of the following errors should the appropriate amount be subtracted from the
balance per books on a bank reconciliation?
a. Check written for $63, but recorded as $36.
b. Deposit of $600 recorded by bank as $60.
c. A returned $300 check recorded by bank as $30.
d. Check written for $57, but recorded as $75.
124. Which of the following bank reconciliation items would not result in an adjusting entry?
a. Service charge.
b. Deposits in transit.
c. NSF check of customer.
d. Collection of a note by the bank.
125. Which of the following items on a bank reconciliation would require an adjusting entry on
the company’s books?
a. An error by the bank.
b. Outstanding checks.
c. A bank service charge.
d. A deposit in transit.
126. All of the following bank reconciliation items would result in an adjusting entry on the
company’s books except
a. interest earned.
b. deposits in transit.
c. fee for collection of note by bank.
d. NSF check of customer.
127. Notification by the bank that a deposited customer check was returned NSF requires that
the company make the following adjusting entry:
a. Accounts Receivable
Cash
b. Cash
Accounts Receivable
c. Miscellaneous Expense
Accounts Receivable
d. No adjusting entry is necessary.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
7-24
128. James Company had checks outstanding totaling $21,600 on its June bank reconciliation.
In July, James Company issued checks totaling $155,600. The July bank statement
shows that $105,200 in checks cleared the bank in July. A check from one of James
Company’s customers in the amount of $1,200 was also returned marked “NSF.” The
amount of outstanding checks on James Company’s July bank reconciliation should be
a. $50,400.
b. $72,000.
c. $70,800.
d. $28,800.
129. Dekin Company had checks outstanding totaling $17,000 on its May bank reconciliation.
In June, Dekin Company issued checks totaling $106,400. The July bank statement
shows that $79,200 in checks cleared the bank in July. A check from one of Dekin
Company’s customers in the amount of $800 was also returned marked “NSF.” The
amount of outstanding checks on Dekin Company’s July bank reconciliation should be
a. $43,400.
b. $27,200.
c. $44,200.
d. $10,200.
130. Nilson Company gathered the following reconciling information in preparing its August
bank reconciliation:
Cash balance per books, 8/31 $21,000
Deposits in transit 900
Notes receivable and interest collected by bank 5,100
Bank charge for check printing 120
Outstanding checks 12,000
NSF check 1,020
The adjusted cash balance per books on August 31 is
a. $24,960.
b. $24,060.
c. $13,800.
d. $14,760.
Fraud, Internal Control, and Cash
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131. Karlin Company gathered the following reconciling information in preparing its April bank
reconciliation:
Cash balance per books, 4/30 $13,200
Deposits in transit 1,800
Notes receivable and interest collected by bank 4,440
Bank charge for check printing 150
Outstanding checks 9,000
NSF check 840
The adjusted cash balance per books on April 30 is
a. $18,450.
b. $17,640.
c. $16,650.
d. $18,330.
132. Clark Company developed the following reconciling information in preparing its September
bank reconciliation:
Cash balance per bank, 9/30 $30,800
Note receivable collected by bank 16,800
Outstanding checks 25,200
Deposits in transit 12,600
Bank service charge 210
NSF check 3,360
Using the above information, determine the cash balance per books (before adjustments)
for the Clark Company.
a. $27,370.
b. $43,400.
c. $4,970.
d. $42,000.
133. Bank errors
a. occur because of time lags.
b. must be corrected by debits.
c. are infrequent in occurrence.
d. are corrected by making an adjusting entry on the depositor’s books.
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134. Higgins Company gathered the following reconciling information in preparing its October
bank reconciliation:
Cash balance per books, 10/31 $12,600
Deposits in transit 450
Notes receivable and interest collected by bank 2,550
Bank charge for check printing 60
Outstanding checks 6,000
NSF check 510
The adjusted cash balance per books on October 31 is
a. $14,130.
b. $12,030.
c. $8,580.
d. $14,580.
135. Dobler Company gathered the following reconciling information in preparing its June bank
reconciliation:
Cash balance per books, 6/30 $8,400
Deposits in transit 600
Notes receivable and interest collected by bank 1,480
Bank charge for check printing 50
Outstanding checks 3,000
NSF check 280
The adjusted cash balance per books on June 30 is
a. $10,150.
b. $9,880.
c. $9,550.
d. $10,110.
136. Adler Company developed the following reconciling information in preparing its December
bank reconciliation:
Cash balance per bank, 12/31 $20,000
Note receivable collected by bank 10,000
Outstanding checks 15,000
Deposits in transit 7,500
Bank service charge 125
NSF check 2,000
Using the above information, determine the cash balance per books (before adjustments)
for the Adler Company.
a. $4,625.
b. $27,500.
c. $14,625.
d. $20,000.
Fraud, Internal Control, and Cash
7-27
137. An adjusting entry is not required for
a. outstanding checks.
b. collection of a note by the bank.
c. NSF checks.
d. bank service charges.
138. In the month of November Gavin Company Inc. wrote checks in the amount of $37,000. In
December, checks in the amount of $50,632 were written. In November, $33,872 of these
checks were presented to the bank for payment, and $43,532 in December. What is the
amount of outstanding checks at the end of December?
a. $7,100.
b. $10,228.
c. $3,128.
d. $14,200.
139. In the month of November Gavin Company Inc. wrote checks in the amount of $27,750. In
December, checks in the amount of $37,974 were written. In November, $25,404 of these
checks were presented to the bank for payment, and $32,649 in December. What is the
amount of outstanding checks at the end of December?
a. $5,325.
b. $2,346.
c. $7,671.
d. $10,650.
140. What causes the balance on the bank statement to differ from the cash balance in the
general ledger?
a. Time lags.
b. Errors by the bank.
c. Errors by the company.
d. All of these answer choices are correct.
141. Of the following employees, who should prepare the bank reconciliation?
a. Anne, the bookkeeper, because she is aware of all transactions that affected cash.
b. Michael, the treasurer, because he has control of the checkbook and has taken more
accounting courses than any other employee.
c. Mary, the cashier, because she does not pay bills.
d. Frank, the purchasing agent, because he does not work in the accounting department.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
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142. While preparing the bank reconciliation, you notice that a check, written by the company
for $750, has been outstanding for 5 months. What is the best action for you to take?
a. Void the check. If it has not been cashed in 5 months, it will never be cashed.
b. Issue a replacement check because you assume the original check has been lost.
c. Wait 3 more months to give the bank more time to clear the check.
d. Investigate to determine why the check has not cleared.
143. Which of the following is an example of a bank reconciliation item that requires an
adjusting entry?
a. NSF check.
b. Deposit in transit.
c. Bank error.
d. None of these items requires an adjusting entry.
144. At April 30, Kessler Company has the following bank information:
Cash balance per bank $11,500
Outstanding checks $700
Deposits in transit $1,375
Credit memo for interest $25
Bank service charge $50
What is Kessler’s adjusted cash balance on April 30?
a. $12,150.
b. $12,200.
c. $10,825.
d. $12,175.
145. At April 30, Mendoza Company has the following bank information:
Cash balance per bank $7,200
Outstanding checks $560
Deposits in transit $1,100
Credit memo for interest $20
Bank service charge $40
What is Mendoza’s adjusted cash balance on April 30?
a. $7,720.
b. $7,760.
c. $6,660.
d. $7,740.
Fraud, Internal Control, and Cash
7-29
146. Lackey Company wrote checks totaling $25,620 during October and $27,976 during
November. $24,360 of these checks cleared the bank in October, and $27,330 cleared the
bank in November. What was the amount of outstanding checks on November 30?
a. $1,906.
b. $346.
c. $916.
d. $2,970.
147. Bishop Company wrote checks totaling $34,160 during October and $37,300 during
November. $32,480 of these checks cleared the bank in October, and $36,440 cleared the
bank in November. What was the amount of outstanding checks on November 30?
a. $2,540.
b. $460.
c. $1,220.
d. $3,960.
148. Russel Company assembled the following information in completing its March bank
reconciliation:
Balance per bank $11,460
Outstanding checks $2,325
Deposits in transit $3,750
NSF check $240
Bank service charge $75
Cash balance per books $13,200
As a result of this reconciliation, Russel will
a. reduce its cash account by $1,425.
b. reduce its cash account by $75.
c. increase its cash account by $165.
d. reduce its cash account by $315.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
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149. Schwinn Company assembled the following information in completing its March bank
reconciliation:
Balance per bank $15,280
Outstanding checks $3,100
Deposits in transit $5,000
NSF check $320
Bank service charge $100
Cash balance per books $17,600
As a result of this reconciliation, Schwinn will
a. reduce its cash account by $1,900.
b. reduce its cash account by $100.
c. increase its cash account by $220.
d. reduce its cash account by $420.
150. If a check correctly written and paid by the bank for $491 is incorrectly recorded on the
company’s books for $419, the appropriate treatment on the bank reconciliation would be
to
a. add $72 to the book’s balance.
b. subtract $72 from the book’s balance.
c. deduct $72 from the bank’s balance.
d. deduct $491 from the book’s balance.
151. A check written by the company for $275 is incorrectly recorded by a company as $257.
On the bank reconciliation, the $18 error should be
a. added to the balance per books.
b. deducted from the balance per books.
c. added to the balance per bank.
d. deducted from the balance per bank.
152. In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June,
checks in the amount of $75,948 were written. In May, $50,808 of these checks were
presented to the bank for payment, and $65,298 in June. What is the amount of
outstanding checks at the end of May?
a. $10,650.
b. $4,692.
c. $15,342.
d. $21,300.
Fraud, Internal Control, and Cash
7-31
153. In the month of May, Lopat Company Inc. wrote checks in the amount of $46,250. In June,
checks in the amount of $63,290 were written. In May, $42,340 of these checks were
presented to the bank for payment, and $54,415 in June. What is the amount of
outstanding checks at the end of June?
a. $8,875.
b. $3,910.
c. $12,785.
d. $17,750.
154. Which statement regarding negative cash balances is true?
a. The amount is offset against other current assets because users need to know net
current assets.
b. The amount is shown as a current liability because a company cannot have a cash
balance below zero.
c. The company must obtain a loan to bring the cash balance to zero before financial
statements are prepared.
d. The negative cash balance is included as a current asset and discussed in a footnote
to the financial statements.
155. Which item is a current asset?
a. Cash – regardless of whether it has a positive or negative balance.
b. Cash equivalents.
c. Cash that will be used to close a plant in eighteen months.
d. Restricted cash that will not be used within the upcoming year.
156. Which of the following would not be reported on the balance sheet as a cash equivalent?
a. Money market fund.
b. Commercial paper.
c. Treasury bill.
d. Restricted cash.
157. Cash equivalents do not include
a. money market accounts.
b. commercial paper.
c. U.S. Treasury bills.
d. long-term investment.
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158. Restricted cash should be reported
a. always as a noncurrent asset.
b. separately on the income statement.
c. separately on the balance sheet.
d. always as a current asset.
159. All of the following are true regarding the management and monitoring of cash except
a. companies may have plenty of sales, but insufficient cash to support operations.
b. the cash to cash operating cycle for a manufacturer is generally shorter than that of a
merchandising company.
c. manufacturers may experience a significant lag between the purchase of raw
materials and the receipt of cash from customers.
d. companies should have sufficient cash to meet payments but minimize the amount of
non-revenue-generating cash on hand.
160. Collier Company has implemented a just-in-time system, which relies on suppliers to
deliver goods for resale as needed. This implementation is most consistent with which of
the following basic principles of cash management?
a. Increasing the speed of receivables collection.
b. Planning the timing of major expenditures.
c. Keeping inventory levels low.
d. Delaying the payment of liabilities.
161. Management of cash is the responsibility of the company
a. accountant.
b. president.
c. treasurer.
d. vice-president.
162. Which of the following is not a basic principle of cash management?
a. Increase the speed of collection on receivables.
b. Maintain idle cash.
c. Keep inventory levels low.
d. Delay payment of liabilities.
163. Which of the following is not a basic principle of cash management?
a. Increase collection of receivables.
b. Keep inventory levels high.
c. Delay payment of liabilities.
d. Invest idle cash.
Fraud, Internal Control, and Cash
7-33
164. Which of the following is not a basic principle of cash management?
a. Increase collection of receivables.
b. Keep inventory levels low.
c. Pay all liabilities early.
d. Invest idle cash.
165. Which of the following does not appear as a separate section on the cash budget?
a. Cash receipts.
b. Cash disbursements.
c. Cash sales.
d. Financing.
166. The following information was taken from Mitchell Company cash budget for the month of
July:
Beginning cash balance $100,000
Cash receipts 96,000
Cash disbursements 136,000
If the company has a policy of maintaining end of the month cash balance of $100,000,
the amount the company would have to borrow is
a. $40,000.
b. $20,000.
c. $60,000.
d. $24,000.
167. The following information was taken from Hurlbert Company cash budget for the month
June
Beginning cash balance $46,000
Cash receipts 62,000
Cash disbursements 78,000
If the company has a policy of maintaining end of the month cash balance of $40,000, the
amount the company would have to borrow is
a. $24,000.
b. $10,000.
c. $16,000.
d. $0.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
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168. The following information was taken from Niland Company cash budget for the month of
April
Beginning cash balance $90,000
Cash receipts 81,000
Cash disbursements 102,000
If the company has a policy of maintaining end of the month cash balance of $75,000, the
amount the company would have to borrow is
a. $87,000.
b. $21,000.
c. $6,000.
d. $0.
169. Which one of the following sections would not appear on a cash budget?
a. Cash receipts.
b. Financing needed.
c. Investing.
d. Cash disbursements.
170. The following information was taken from Hobson Company cash budget for the month of
June
Beginning cash balance $150,000
Cash receipts 145,000
Cash disbursements 170,000
If the company has a policy of maintaining end–of–the-month cash balance of $125,000,
the amount the company would have to borrow is
a. $50,000.
b. $25,000.
c. $0
d. $75,000.
171. The following information was taken from Molina Company cash budget for the month of
November:
Beginning cash balance $96,000
Cash receipts 116,000
Cash disbursements 160,000
If the company has a policy of maintaining an end–of–the-month cash balance of $80,000,
the amount the company would have to borrow is
a. $44,000.
b. $0.
c. $28,000.
d. $80,000.
Fraud, Internal Control, and Cash
7-35
172. The following credit sales are budgeted by Garcia Company:
January $255,000
February 375,000
March 525,000
April 450,000
The company’s past experience indicates that 70% of the accounts receivable are
collected in the month of sale, 20% in the month following the sale, and 8% in the second
month following the sale. The anticipated cash inflow for the month of March is
a. $462,900.
b. $420,000.
c. $450,000.
d. $441,000.
173. The cash receipts section of a cash budget includes all of the following except
a. cash sales.
b. collections from customers.
c. receipts of interest and dividends.
d. expected borrowings.
174. Which of the following is not included in the cash disbursements section of a cash
budget?
a. Payments for materials.
b. Payments for income taxes.
c. Repayments of borrowed funds.
d. All of these answer choices are included.
175. The following credit sales are budgeted by Gonzalez Company:
February 150,000
March 210,000
April 180,000
The company’s past experience indicates that 80% of the accounts receivable are
collected in the month of sale, 20% in the month following the sale. The anticipated cash
inflow for the month of April is
a. $144,000.
b. $168,000.
c. $180,000.
d. $186,000.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
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176. The following credit sales are budgeted by Gonzalez Company:
January $102,000
February 150,000
March 210,000
The company’s past experience indicates that 80% of the accounts receivable are
collected in the month of sale, 20% in the month following the sale. The anticipated cash
inflow for the month of March is
a. $198,000.
b. $168,000.
c. $210,000.
d. $204,000.
177. If the cash budget showed a projected cash shortage, the company would most likely
a. make fewer purchases of inventory so they could control costs.
b. lay off workers for that period.
c. arrange to borrow the necessary cash for that period.
d. cut salaries for that period.
178. Ferguson Company is preparing a cash budget for September. The company’s cash
balance on September 1 is $23,200. The company anticipates cash receipts of $111,800
and cash disbursements of $117,320. If Ferguson desires a cash balance of $24,000, it
must
a. acquire financing of $800.
b. acquire financing of $6,320.
c. acquire financing of $4,720.
d. acquire financing of $18,480.
179. Petersen Company is preparing a cash budget for September. The company’s cash
balance on September 1 is $17,400. The company anticipates cash receipts of $83,850
and cash disbursements of $87,990. If Petersen desires a cash balance of $18,000, it
must
a. acquire financing of $600.
b. acquire financing of $4,740.
c. acquire financing of $3,540.
d. acquire financing of $13,860.
Fraud, Internal Control, and Cash
7-37
180. The following credit sales are budgeted by Milford Company:
May $357,000
June 525,000
July 735,000
August 630,000
The company’s past experience indicates that 70% of the accounts receivable are
collected in the month of sale, 20% in the month following the sale, and 8% in the second
month following the sale. The anticipated cash inflow for the month of August is
a. $648,060.
b. $588,000.
c. $630,000.
d. $617,400.
181. A company’s past experience indicates that 60% of its credit sales are collected in the
month of sale, 30% in the next month, and 5% in the second month after the sale; the
remainder is never collected. Budgeted credit sales were:
April $ 200,000
May 120,000
June 300,000
The cash inflow in the month of June is expected to be
a. $226,000.
b. $171,000.
c. $180,000.
d. $216,000.
182. A company’s past experience indicates that 60% of its credit sales are collected in the
month of sale, 30% in the next month, and 5% in the second month after the sale; the
remainder is never collected. Budgeted credit sales were:
July $240,000
August 144,000
September 360,000
The cash inflow in the month of September is expected to be
a. $271,200.
b. $205,200.
c. $216,000.
d. $259,200.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
FOR INSTRUCTOR USE ONLY
7-38
183. Which one of the following items would never appear on a cash budget?
a. Office salaries expense.
b. Interest expense.
c. Depreciation expense.
d. Travel expense.
184. Expected direct materials purchases in Rees Company are $140,000 in the first quarter
and $180,000 in the second quarter. Forty percent of the purchases are paid in cash as
incurred, and the balance is paid in the following quarter. The budgeted cash payments
for purchases in the second quarter are:
a. $192,000.
b. $180,000.
c. $156,000.
d. $144,000.
185. Expected direct materials purchases in Wade Company are $525,000 in the first quarter
and $675,000 in the second quarter. Forty percent of the purchases are paid in cash as
incurred, and the balance is paid in the following quarter. The budgeted cash payments
for purchases in the second quarter are:
a. $720,000.
b. $675,000.
c. $585,000.
d. $540,000.
*186. A credit balance in Cash Over and Short account is shown as
a. an asset.
b. a liability.
c. a revenue.
d. an expense.
*187. All of the following activities occur at the time of a cash disbursement from petty cash
except
a. the petty cash custodian signs the voucher.
b. available supporting documents are attached to the voucher.
c. a journal entry is made for each cash distribution.
d. the individual receiving payment signs the voucher.
Fraud, Internal Control, and Cash
FOR INSTRUCTOR USE ONLY
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*188. All of the following actions would strengthen internal control over a petty cash fund except
a. surprise counts by a supervisor.
b. cancellation of paid vouchers.
c. submission of supporting documents.
d. multiple petty cash custodians.
*189. Which of the following is not a necessary internal control procedure for the replenishment
of the petty cash fund?
a. Segregation of duties.
b. Documentation procedures.
c. Independent internal verification.
d. Employee background check.
*190. The entry to replenish a petty cash fund includes a credit to
a. Petty Cash.
b. Cash.
c. Freight-In.
d. Postage Expense.
*191. A debit balance in Cash Over and Short is reported as a
a. contra asset.
b. miscellaneous asset.
c. miscellaneous expense.
d. miscellaneous revenue.
*192. A $100 petty cash fund has cash of $10 and receipts of $80. The journal entry to replenish
the account would include a credit to
a. Cash for $90.
b. Petty Cash for $90.
c. Cash Over and Short for $10.
d. Cash for $80.
*193. A $200 petty cash fund has cash of $37 and receipts of $160. The journal entry to
replenish the account would include a
a. debit to Cash for $160.
b. credit to Petty Cash for $163.
c. debit to Cash Over and Short for $3.
d. credit to Cash for $160.
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition
FOR INSTRUCTOR USE ONLY
7-40
*194. A $100 petty cash fund has cash of $16 and receipts of $86. The journal entry to replenish
the account would include a
a. debit to Cash for $84.
b. credit to Petty Cash for $84.
c. credit to Cash Over and Short for $2.
d. credit to Cash for $86.
*195. A $200 petty cash fund has cash of $26 and receipts of $170. The journal entry to
replenish the account would include
a. debit to Cash for $170.
b. credit to Petty Cash for $170.
c. debit to Petty Cash for $174.
d. credit to Cash for $174.
*196. A $100 petty cash fund has cash of $14 and receipts of $84. The journal entry to replenish
the account would include a
a. debit to Cash for $84.
b. credit to Petty Cash for $84.
c. credit to Cash Over and Short for $2.
d. credit to Cash for $86.
*197. A $200 petty cash fund has cash of $32 and receipts of $171. The journal entry to
replenish the account would include
a. debit to Cash for $171.
b. credit to Petty Cash for $171.
c. credit to Cash over and Short for $3.
d. credit to Cash for $171.
*198. A petty cash fund of $200 is replenished when the fund contains $12 in cash and receipts
for $184. The entry to replenish the fund would
a. credit Cash Over and Short for $4.
b. credit Miscellaneous Revenue for $4.
c. debit Cash Over and Short for $4.
d. debit Miscellaneous Expense for $4.