Response to the following questions:
1. a. What does a debit balance in Cash Short and over mean?
b. Where does a debit balance in Cash Short and over appear in the financial statements?
c. What does a credit balance in Cash Short and over mean?
d. Where does a credit balance in Cash Short and over appear in the financial statements?
2. a. Why would a business use a Petty Cash Fund?
b. Describe the entry needed to establish a $50 Petty Cash Fund and an entry to reimburse the fund.