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.
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.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 4AP
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