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MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30? Multiple Choice   Office Supplies Expense 40   Shipping Supplies Expense 30     Petty Cash   70   Cash 158     Petty Cash   158   Office Supplies Expense 40   Shipping Supplies Expense 30   Cash over and short 157.5     Cash   227.5   Office Supplies Expense 40   Shipping Supplies Expense 30   Cash over and short 88     Cash   158   Petty Cash 220     Cash   220

MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30? Multiple Choice   Office Supplies Expense 40   Shipping Supplies Expense 30     Petty Cash   70   Cash 158     Petty Cash   158   Office Supplies Expense 40   Shipping Supplies Expense 30   Cash over and short 157.5     Cash   227.5   Office Supplies Expense 40   Shipping Supplies Expense 30   Cash over and short 88     Cash   158   Petty Cash 220     Cash   220

FINANCIAL ACCOUNTING
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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MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30?

Multiple Choice

  •  
    Office Supplies Expense 40  
    Shipping Supplies Expense 30  
      Petty Cash   70
  •  
    Cash 158  
      Petty Cash   158
  •  
    Office Supplies Expense 40  
    Shipping Supplies Expense 30  
    Cash over and short 157.5  
      Cash   227.5
  •  
    Office Supplies Expense 40  
    Shipping Supplies Expense 30  
    Cash over and short 88  
      Cash   158
  •  
    Petty Cash 220  
      Cash   220
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