Question

15&16)

Question 15 2 pts A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include credit to Petty Cash for $29 debit to Cash for $83 debit to Cash Short and Over for $13 credit to Cash for $54 Question 16 2 pts If collection of an other receivable is expected beyond one year, it is classified as a noncurrent asset and reported under Other Receivables O current asset and reported under Other Receivables current asset and reported under Investments O noncurrent asset and reported under Investments

Answer 1

Journal Entries Account Title and Explaination Post Date Debit Сredit Ref. Various Expenses A/c (as per receipts) Cash Short and Over ($150-$83-$54) $ 15 83.00 13.00 Cash $ 96.00 (To record replenishment of petty cash) So Option 3 is Correct Answer

If there is confirmity for collection of other receivables is beyond one year, it should be classified as non current assets and reported under other receivables. So Option 1 is Correct Answer.