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24 July, 18:27

Spencer Co. has a $290 petty cash fund. At the end of the first month the accumulated receipts represent $52 for delivery expenses, $163 for merchandise inventory, and $21 for miscellaneous expenses. The fund has a balance of $54. The journal entry to record the reimbursement of the account includes a:

A. Debit to Petty Cash for $290.

B. Debit to Cash Over and Short for $54.

C. Credit to Cash for $236.

D. Credit to Cash Over and Short for $54.

E. Credit to Inventory for $163.

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Answers (1)
  1. 24 July, 18:31
    0
    C

    Explanation:

    Petty cash = $290

    Delivery Expenses - $52

    Merchandise inventory - $163

    Miscellaneous expenses - $ 21

    Total petty cash expenses - $236

    Petty fund balance - $54

    Reimbursement = $236

    Credit cash $236, Debit Petty fund $236
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