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victus00 [196]
3 years ago
13

Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1 is:
a. Debit Petty Cash $300; credit Cash $300.
b. Debit Cash $50; credit Petty Cash $50.
c. Debit Miscellaneous Expense $50; credit Cash $50.
d. Debit Petty Cash $50; credit Accounts Payable $50
e. Debit Petty Cash $50; credit Cash $50.
Business
1 answer:
allochka39001 [22]3 years ago
7 0

Answer:

e. Debit Petty Cash $50       Credit Cash  $ 50

Explanation:

The entry on October 01 is to reflect the increase in Petty Cash from $ 250 to $ 300. i.e the incremental effect is only $ 50. This is because for the regular replenishment that was done on September 30, the following entry would have been recorded:

Petty Cash - Debit   $ 232

Cash          - Credit   $ 232

The entry for recording the petty cash expenses would be as follows;

Office Supplies expense         debit    $ 73

Merchandise Inventory           debit     $ 137

Miscellaneous expenses        debit      $ 22

Petty Cash                               credit     $ 232

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