A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.6C

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

A Petty Cash fund is being set up for $1,300. The journal entry would be:
O A. Cash
1,300
Petty Cash
1,300
B. Petty Cash
1,300
Accounts payable
1,300
O C. Accounts payable
Petty Cash
1,300
1,300
O D. Petty Cash
1,300
Cash
1,300

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Accounting for Cash and cash equivalents

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