XYZ Co.'s petty cash receipts indicate the following expenditures for the end of October: $$\begin{array} { l r }
\text { Office supplies } & \$ 490 \
\text { Miscellaneous selling expense } & \$ 300 \
\text { Miscellaneous administrative expense } & \$ 120
\end{array}$$ These transactions would result in a:

Question

XYZ Co.'s petty cash receipts indicate the following expenditures for the end of October: $$\begin{array} { l r } 
\text { Office supplies } & \$ 490 \
\text { Miscellaneous selling expense } & \$ 300 \
\text { Miscellaneous administrative expense } & \$ 120
\end{array}$$ These transactions would result in a:

Quizplus · Accepted Answer

These transactions represent expenditures from petty cash, which is a current asset. Thus, they would decrease total assets by the sum of the expenditures ($490 + $300 + $120 = $910), not increase or affect stockholders' equity directly.

XYZ Co's Petty Cash Receipts Indicate the Following Expenditures for the the End