Silver Co. has a $370 petty cash fund. At the end of the firstmonth the...

Silver Co. has a $370 petty cash fund. At the end of the first month the accumulated receipts represent $60 for delivery expenses, $195 for merchandise inventory, and $29 for miscellaneous expenses. The fund has a balance of $86. The journal entry to record the reimbursement of the account includes a:

Multiple Choice

Debit to Petty Cash for $370.
Debit to Cash Over and Short for $86.
Credit to Cash Over and Short for $86.
Credit to Cash for $284.
Credit to Inventory for $195.

Expert Solution

Petty cash, beginning = $370

Delivery expense = $60

Merchandise inventory = $195

Miscellaneous expense = $29

Petty cash, ending = $86

Following entry would be made for reimbursement:

General journal	Debit	Credit
Delivery expense	$60
Merchandise inventory	$195
Miscellaneous expense	$29
Cash		$284

fourth option is correct option.

Credit to cash for $284.

ekkarill92 answered 2 years ago

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