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Tju [1.3M]
2 years ago
11

Havermill Co. establishes a $450 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $93 for Office Supplies, $177 for merchandise inventory, and $42 for miscellaneous expenses. The fund has a balance of $138. On October 1, the accountant determines that the fund should be increased by $90. The journal entry to record the reimbursement of the fund on September 30 includes a:
Business
1 answer:
alexdok [17]2 years ago
3 0

Answer:

Dr Petty cash $312

Cr Cash $312

Explanation:

Preparation of the journal entry to record the reimbursement of the fund on September 30

Since we were told that Havermill Co. establishes the amount of $450 as petty cash fund on September 1 in which the fund also had a balance of $138 which means the Amount required for reimbursement of the fund will be:

Amount required for reimbursement of the fund = The Beginning balance - The Remaining balance

Amount required for reimbursement of the fund = 450 - 138

Amount required for reimbursement of the fund = $312

Therefore the journal entry to record the reimbursement of the fund on September 30 will be :

September 30

Dr Petty cash $312

Cr Cash $312

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