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What is the balance of cash with the petty cashier at the end of period...

Accounts - Principles of Accounts
JAMB 2009
Use the information below to answer the following questions 
Period 1 N
Cash to petty cashier 1000
Petty cashier pays out 780
Period 2  
Petty cashier pays out 840

 

What is the balance of cash with the petty cashier at the end of period 1?

  • A. 220
  • B. 780
  • C. 980
  • D. 1780
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Correct Answer: Option A
Explanation

period one income =

N1,000- N780 pay out = N220 balance 

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