Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts represent $62 for delivery expenses, $203 for merchandise inventory, and $31 for miscellaneous expenses. The fund has a balance of $94. The journal entry to record the reimbursement of the account includes a:
Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts represent $62 for delivery expenses, $203 for merchandise inventory, and $31 for miscellaneous expenses. The fund has a balance of $94. The journal entry to record the reimbursement of the account includes a:
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 4CE
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![Spencer Co. has a $390 petty cash fund. At
the end of the first month the accumulated
receipts represent $62 for delivery expenses,
$203 for merchandise inventory, and $31 for
miscellaneous expenses. The fund has a
balance of $94. The journal entry to record
the reimbursement of the account includes
a:
Debit to Cash Over and Short for $94.
O Debit to Petty Cash for $390.
Credit to Cash for $296.
Credit to Cash Over and Short for $94.
Credit to Inventory for $203.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64bd9c9a-aa58-46d1-90a7-bd3f990173f3%2F35203e05-7778-4bb6-a550-c56e14e862d6%2Fu9nhujc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Spencer Co. has a $390 petty cash fund. At
the end of the first month the accumulated
receipts represent $62 for delivery expenses,
$203 for merchandise inventory, and $31 for
miscellaneous expenses. The fund has a
balance of $94. The journal entry to record
the reimbursement of the account includes
a:
Debit to Cash Over and Short for $94.
O Debit to Petty Cash for $390.
Credit to Cash for $296.
Credit to Cash Over and Short for $94.
Credit to Inventory for $203.
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