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Which entry necessary to establish a petty cash fund should

Assignment Help Financial Accounting
Reference no: EM132773997

Problem 1: Net pay is

1) The amount of an employee's pay due for income taxes

2) Gross pay minus source deductions

3) The amount of an employee's pay before any deductions

4) Gross pay plus employer's taxes

5) None of these

Problem 2: The entry necessary to establish a petty cash fund should include

1) A debit to Cash

2) A credit to Cash

3) A debit to Petty Cash

4) A credit to Petty Cash

5) A credit to Cash and a debit to Petty Cash

Reference no: EM132773997

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