ecure https:/ ow/connect.htm Help Save& ExlitSu Havermill Co. establishes a $380

Question

ecure https:/ ow/connect.htm Help Save& ExlitSu Havermill Co. establishes a $380 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $86 for Office Supplies, $163 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $96. On October 1, the accountant determines that the fund should be increased by $76. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice Debit Cash $380 credit Petty Cash $380 Debit Petty Cash $380; credit Accounts Payable $380. Debit Miscellaneous Expense $380; credit Cash $380. Debit Petty Cash $380, credit Cash Debit Cash $380; credit Accounts Payable $380.

Explanation / Answer

Option - 4 The journal entry to record the establishment of the fund on September 1 is: Debit petty cash $ 380 and credit cash $380

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