4) An imprest system is a way to account for petty cash by maintaining a constant balance in the petty cash account, supported by the fund (cash plus payment tickets) totaling the same amount.
5) A company has a petty cash fund amount of $200. When replenished, it has petty cash receipts of $15 for gas expense, $23 for postage expense, $18 for supplies expense and $12 for miscellaneous expenses. In the journal entry, Cash would be credited for:
A) $68.
B) $132.
C) $200.
D) $42.
6) A fund for petty cash of $200 has $17 remaining in cash, $3 in miscellaneous cash receipts and an additional $180 specific cash receipts. The debit to Cash short and over would be:
A) $0.
B) $17.
C) $180.
D) $183.
7) Which of the following would be included in the entry to record the replenishment of a petty cash fund?
A) A credit to Petty cash
B) A debit to Cash in bank
C) A credit to Cash in bank
D) A credit to various expenses and assets
8) A petty cash fund was established with a $250 balance. It currently has cash of $31 and petty cash tickets totaling $219. Which of the following would be included in the entry to replenish the fund?
A) A credit to petty cash for $219
B) A debit to petty cash for $31
C) A credit to cash in bank for $31
D) Debits to various expenses for $219
9) A petty cash fund was established with a $250 balance. It currently has cash of $31 and petty cash tickets totaling $219. Which of the following would be included in the entry to replenish the fund?
A) A credit to petty cash for $219
B) A debit to petty cash for $31
C) A credit to cash in bank for $31
D) A credit to cash in bank for $219
10) Petty cash is accounted for by maintaining a constant balance in the petty cash account, supported by the fund (cash plus payment tickets) totaling the same amount. What is this system called?
A) A control system
B) A voucher system
C) A balanced system
D) An imprest system