Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. The journal entry to replenish the fund on January 31 is: Multiple Choice Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Dr. Cash Over and Short, $8; Cr. Petty Cash, $268. Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Petty Cash, $252. Dr. Office Supplies Expense, $80, Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Cash, $252 Dr. Office Supplies Expense, $80, Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Dr. Cash Over and Short, $8; Cr. Cash, $268. Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Petty Cash, $300.

Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. The journal entry to replenish the fund on January 31 is: Multiple Choice Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Dr. Cash Over and Short, $8; Cr. Petty Cash, $268. Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Petty Cash, $252. Dr. Office Supplies Expense, $80, Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Cash, $252 Dr. Office Supplies Expense, $80, Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Dr. Cash Over and Short, $8; Cr. Cash, $268. Dr. Office Supplies Expense, $80; Dr. Merchandise Inventory, $160; Dr. Miscellaneous Expenses, $20; Cr. Cash Over and Short, $8; Cr. Petty Cash, $300.

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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