Jackson Brothers decided to create a petty cash fund. They estimated that $200 would be needed in the fund. Demonstrate the correct journal entry to create the account by choosing the correct action from those below. Multiple choice question. Cash is debited for $200; Petty Cash is credited for $200. Petty Cash is credited for $200; Miscellaneous Expense is debited for $200. Petty Cash is debited for $200; Cash is credited for $200. Miscellaneous Expense is debited for $200; Cash is credited for $200.

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers.b) may not accept the offer because it is considered lavish entertainment.c) must obtain written consent from batts brothers before accepting the offer.