500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry

500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A petty cash fund was established with a

$500

balance. It currently has cash of

$35

and petty cash tickets as shown below:

Travel expense	$105
Office supplies expense	315
Equipment rental expense	45

Which of the following would be the journal entry to replenish the Petty Cash account?

debit Cash

$35;

credit various expenses $35

debit various expenses

$465;

credit Petty Cash $465

debit various expenses

$465;

credit Cash $465

credit Petty Cash

$465;

debit Cash $465

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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