Which of the following statements is true about a debit balance in a Change Fund?
A) It is classified as a revenue account and is recorded on the income statement.
B) It is classified as an asset and is recorded on the balance sheet.
C) It is classified as a miscellaneous expense and is recorded on the income statement.
D) It is classified as a liability and is recorded on the balance sheet.
E) It is classified as owner's equity and is recorded on the balance sheet.
Correct Answer:
Verified
Q31: The entry to reimburse the Petty Cash
Q32: Which of the following represent good internal
Q33: Two bank statement amounts that require journal
Q34: Which of the following would be added
Q35: Which of the following represents good internal
Q37: A Petty Cash Fund established with a
Q38: If the Petty Cash Fund is not
Q39: When a Petty Cash Fund has been
Q40: Which of the following is required by
Q41: At the end of the fiscal period,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents