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hoa [83]
3 years ago
7

Spencer Co. has a $280 petty cash fund. At the end of the first month the accumulated receipts represent $51 for delivery expens

es, $159 for merchandise inventory, and $20 for miscellaneous expenses. The fund has a balance of $50. The journal entry to record the reimbursement of the account includes a:
Business
1 answer:
uranmaximum [27]3 years ago
7 0

Answer:

Credit to cash $230

Explanation:

Preparation of the Journal entry for the reimbursement of the account of Spencer Co.

Based on the information given we were told that the company spent the amount of $51 for delivery expenses, the amount of $159 for merchandise inventory, and the amount of $20 for miscellaneous expenses from their petty cash fund at the end of the month, which means that the journal entry to record the reimbursement of the account will be:

Dr Delivery expenses $51

Dr Merchandise inventory $159

Dr Miscellaneous expenses $20

Cr Cash                                  $230

(To record petty cash reimbursement)

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