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Ahmed Co. decides to establieh a petty cash fund with a beginning balane OA OB. Debit Cash BD 500 and credit Cash Over and Short BD S Debit Petty Cash BD 500, credit Caah BD 90; and credit Debit Petty Cash BD 500 and eredit Cash BD S00. OD. Debit Cash BD 500 and credit Petty Cash BD 50.

Ahmed Co. decides to establieh a petty cash fund with a beginning balane OA OB. Debit Cash BD 500 and credit Cash Over and Short BD S Debit Petty Cash BD 500, credit Caah BD 90; and credit Debit Petty Cash BD 500 and eredit Cash BD S00. OD. Debit Cash BD 500 and credit Petty Cash BD 50.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 7 Ahmed Co. decides to establish a petty cash fund with a beginning balanee of BD 500. The journal entry to recond establishing the socont is A. OB. OC. Debit Cash BD 500 and credit Cash Over and Short BD SO0. Debit Petty Cash BD 500, credit Cash BD 90; and credit Cash Over and Short BD10. Debit Petty Cash BD 500 and credit Cash BD 500. Debit Cash BD 500 and credit Petty Cash BD S00. D.
Transcribed Image Text:Question 7 Ahmed Co. decides to establish a petty cash fund with a beginning balanee of BD 500. The journal entry to recond establishing the socont is A. OB. OC. Debit Cash BD 500 and credit Cash Over and Short BD SO0. Debit Petty Cash BD 500, credit Cash BD 90; and credit Cash Over and Short BD10. Debit Petty Cash BD 500 and credit Cash BD 500. Debit Cash BD 500 and credit Petty Cash BD S00. D.
Quèstion 14 Selling expenses DOES NOT include: OA. Making sales OB. Accounting and Human Resources expense OC. Delivering goods to customers OD. Advertising expense Quèstion 16 Net Sales are calculated using: OA. Gross sales, sales returns & allowances, sales discount OB. Gross sales, cost of good available for sale, cost of goods sold OC. Gross sales, cost of goods sold, sales expenses OD. Gross sales, cost of sales, purchases
Transcribed Image Text:Quèstion 14 Selling expenses DOES NOT include: OA. Making sales OB. Accounting and Human Resources expense OC. Delivering goods to customers OD. Advertising expense Quèstion 16 Net Sales are calculated using: OA. Gross sales, sales returns & allowances, sales discount OB. Gross sales, cost of good available for sale, cost of goods sold OC. Gross sales, cost of goods sold, sales expenses OD. Gross sales, cost of sales, purchases
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