Havermill Co. establishes a $250 petty cash fund on September 1. On September 30

Question

Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is reimbursed. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a:

credit to Cash for $18.

credit to Merchandise Inventory for $137.

credit to Cash for $250.

debit Petty Cash for $232.

debit to Office Supplies for $73.

Explanation / Answer

Journal entry
Office supplies Dr. Cash Cr.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.