On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the
fund was RO 80. It had the following data
Postage Expense
RO 150
Freight-In
340
Entertainment of clients
228
Supplies Expense
160
The journal entry to establish the petty cash fund would include a:
Select one:
O a debit to Cash for RO 750.
O b.credit to Cash Over and Short for RO 48.
O c None of the answers are correct
O d. credit to Cash for RO 700.
O e. credit to Cash for RO 52.
Transcribed Image Text:On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
Expert Solution
Step 1

Date

Account Titles and Explanation

Debit

Credit

June 1, 2019

Petty cash

RO 750

 

 

            Cash

 

RO 750

 

(To record the estiblish the petty cash fund)

 

 

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