Purchase Solution

Crediting for Cash

Not what you're looking for?

Ask Custom Question

A company with a petty cash box with $200 when replenished has petty cash receipts of $15 for gas expenses, $23 for postage expenses, $18 for supplies expenses and $12 for miscellaneous expenses. In the journal entry, cash would be credited for:
-$68
-$132
-$200
-Cash would not be affected.

Purchase this Solution
Solution Summary

This solution provides the correct answer with explanation to the cash multiple choice question provided.

Solution Preview

Petty cash is $200.

Receipts = 15 + 23 + 18 + 12 = $68

We would need to take $68 out of ...

Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

View More Free Quizzes
Related BrainMass Solutions

  • Aerial Views - Journal Entries

    June 15 Accounts Receivable 8,320 Aerial Photography Revenue 8,320 Receiving income on account will require the journal entries for debiting accounts receivable and crediting aerial photography revenue.

  • Adjusting entries

    Cash received from customers of $35,000 on December 1, 2009 was for services to be performed. The entry was credited to service revenue. At December 31, 2009, one-fourth of of the services were performed. 6.

  • Determine Universal Life Policy Cash Flows

    This solution calculates starting and ending cash flows for a life insurance policy.

  • Multiple choice

    Crediting assets. Crediting liabilities. Debiting assets. 6. An example of a contra account is: Depreciation expense. Accounts receivable. Sales revenue. Accumulated depreciation. 7.

  • Sariah's Clip Shop, O'Malley Repair Shop

    So, we adjust the entries by debiting wages expense and crediting cash. Wages Expense 6 Cash 6 For insurance expense, we adjust with prepaid insurance account by debiting insurance expense and crediting prepaid insurance.

  • Journal entry for conversion of accounts to notes payable

    right for either one of them The second one is correct Accounts payable $150 notes payable $150 By debiting accounts payable we reduce the accounts payable and by crediting notes payable we increase

  • What should be look for within inventory or in the accounts

    We need to look at see if the deposits for any given day match the amounts that have been 1) taken in, in cash, and 2) credited to the customer accounts.

  • The Audit of Cash: Design the internal controls for cash

    Is the general ledger function for recording cash independent of the deposit and account crediting function? 2. Authorization: Are payment properly authorized? 3. Documentation: Are the cash transactions well documented with transaction trails?

  • Journal Entries

    Cash 250 Jan 31 Accounts Payable 250 Notes Payable 250 The correct answer for 23 is (b).

View More Related Solutions