Spencer Co. has a $240 petty cash fund. At the end of the first month the...

Spencer Co. has a $240 petty cash fund. At the end of the first month the accumulated receipts represent $47 for delivery expenses, $143 for merchandise inventory, and $16 for miscellaneous expenses. The fund has a balance of $34. The journal entry to record the reimbursement of the account includes a:

Multiple Choice

Debit to Petty Cash for $240.
Debit to Cash Over and Short for $34.
Credit to Cash for $206.
Credit to Inventory for $143.
Credit to Cash Over and Short for $34.

Expert Solution

The entry would be

Delivery expense.... 47

Inventory... .. 143

Miscellaneous expenses... 34

Cash (cr) .. .... 224

And

Petty cash Dr 206

Cash Cr 206

Option C is the answer

ekkarill92 answered 2 years ago

Spencer Co. has a $440 petty cash fund. At the end of the first month the...

Spencer Co. has a $440 petty cash fund. At the end of the first month the accumulated receipts represent $67 for delivery expenses, $223 for merchandise inventory, and $36 for miscellaneous expenses. The fund has a balance of $114. The journal entry to record the reimbursement of the account includes a: Multiple Choice Debit to Petty Cash for $440. Debit to Cash Over and Short for $114. Credit to Cash for $326. Credit to Inventory for $223. Credit to Cash...

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 ChoiceDebit 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.

Explain why the Petty Cash Fund and the Patient Trust Fund should be reconciled each month...

Explain why the Petty Cash Fund and the Patient Trust Fund should be reconciled each month and that the reconciliation be done by someone other than the person responsible for maintaining the funds.

A petty cash fund was established with a $ 600 balance. It currently has cash of...

A petty cash fund was established with a $ 600 balance. It currently has cash of $ 40 and petty cash tickets as shown below: Travel expense $ 100 Office supplies expense 250 Equipment rental expense 150 Which of the following would be included in the journal entry to replenish the Petty Cash fund?

The petty cash fund has a current balance of $ 350, which is the established fund...

The petty cash fund has a current balance of $ 350, which is the established fund balance. Based on activity in the fund, it is determined that the balance needs to be changed to $ 550. Which journal entry is needed to make this change? A. No journal entry is needed because this change only involves cash. B.Debit the Petty Cash account and credit the Cash account for $200. C.Debit the Cash account and credit the Petty Cash account for...

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70...

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70 cash and petty cash receipts of $420. The journal entry to replenish the fund includes: A debit to Cash for $70. A credit to Cash for $70. A debit to Cash Over and Short for $10 A credit to Cash Over and Short for $10. A credit to Petty Cash for $420 Fahad’s company had net sales of $50,000 and accounts receivable of $5,500....

A petty cash fund was established with a $600 balance. It currently has cash of $18...

A petty cash fund was established with a $600 balance. It currently has cash of $18 and petty cash tickets as shown below: Travel expense $101 Office supplies expense 285 Equipment rental expense 79 Which of the following would be included in the journal entry to replenish the Petty Cash fund? a credit to Cash Short & Over for $117 b debit to Cash Short & Over for $117 c debit to Petty Cash for $117 d credit to Petty...

A $113 petty cash fund has cash of $18 and receipts of $81. Which of the...

A $113 petty cash fund has cash of $18 and receipts of $81. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Petty Cash for $81 credit to Cash for $113 debit to Cash for $18 debit to Cash Short and Over for $14

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to...

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a a. credit to Petty Cash for $120 b. debit to Cash for $120 c. credit to Cash Short and Over for $3 The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c.is for information purposes only d.is sent to the bank for verification Which one...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry to replenish the account would include a credit to Petty Cash for $43. Cash Over and Short for $13. Cash for $43. Cash for $56. A $124 petty cash fund has cash of $14 and receipts of $106. The journal entry to replenish the account would include a credit to Cash for $106. debit to Cash for $106. credit to Petty Cash for $110....

Question