18MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of the month there is OMR 10 cash and currency in the cash box along with the receipts equal to OMR92. The receipts consist of delivery charges OMR 50, OMR 20 for postage, and office supplies of OMR 22. The petty cash custodian submits the receipts to the accountant and the accountant replenished the funds. Identify the journal entry recorded by the accountant while issuing the check to the custodian.a.Dr Delivery charges OMR 50, Dr Postage charges OMR 20 Dr Office supply charges and Cr Cash A/C OMR92b.Dr Cash short expenses OMR2, Dr Cash A/C OMR 90 and Cr Delivery charges OMR 50, Cr Postage charges OMR 20, Cr Office supply expenses OMR22c.Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22, Dr Cash short expenses OMR2 and Cash A/C OMR 94d.Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22 and Cr Over cash OMR2, Cr Cash A/C OMR 90

Petty cash fund is that fund in business that is established for small petty expenses in the…

Answered: 8 MNC LLC established Petty cash fund…

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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MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of the month there is OMR 10 cash and currency in the cash box along with the receipts equal to OMR92. The receipts consist of delivery charges OMR 50, OMR 20 for postage, and office supplies of OMR 22. The petty cash custodian submits the receipts to the accountant and the accountant replenished the funds. Identify the journal entry recorded by the accountant while issuing the check to the custodian.

Dr Delivery charges OMR 50, Dr Postage charges OMR 20 Dr Office supply charges and Cr Cash A/C OMR92

Dr Cash short expenses OMR2, Dr Cash A/C OMR 90 and Cr Delivery charges OMR 50, Cr Postage charges OMR 20, Cr Office supply expenses OMR22

Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22, Dr Cash short expenses OMR2 and Cash A/C OMR 94

Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22 and Cr Over cash OMR2, Cr Cash A/C OMR 90

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