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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
The petty cash fund at Bryan Company has a designated balance of $300.  The fund currently holds $120 in cash and $187 in petty cash tickets.  Based on this information, which of the following statements is correct?
A) The total of the cash on hand plus petty cash tickets is more than the designated fund balance.
B) The petty cash fund custodian must locate the $7 discrepancy.
C) A shortage of $7 exists.
D) To replenish the petty cash fund, the company must write a check, payable to Petty Cash, for $187.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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7 years ago
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Erikmonez111,  danielrs10

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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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