Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $110. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash for $320. Credit to Cash Over and Short for $110. Debit to Cash Over and Short for $110. Credit to Inventory for $219. Debit to Petty Cash for $430.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has
a balance of $110. The journal entry to record the reimbursement of the account includes a:
Multiple Choice
Credit to Cash for $320.
Credit to Cash Over and Short for $110.
Debit to Cash Over and Short for $110.
Credit to Inventory for $219.
Debit to Petty Cash for $430.
Transcribed Image Text:Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $110. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash for $320. Credit to Cash Over and Short for $110. Debit to Cash Over and Short for $110. Credit to Inventory for $219. Debit to Petty Cash for $430.
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