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 Over and Short for $114.

Expert Solution

ekkarill92 answered 2 years ago

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