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BARSIC [14]
3 years ago
11

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund wa

s last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:
December 4 - Freight charge for merchandise purchased - $ 61
December 7 - Delivery charge for shipping to customer - $ 85
December 12 - Purchase of office supplies - $ 50
December 18 - Donation to charitable organization - $ 69
If, in addition to these receipts, the petty cash fund contains $227.25 of cash, the journal entry to reimburse the fund on December 31 will include:
a. A debit to Petty Cash of $111.
b. A credit to Cash Over and Short of $7.75.
c. A credit to Cash of $272.75.
d. A credit to Office Supplies of $85.
e. A debit to Transportation-In of $111.
Business
1 answer:
Salsk061 [2.6K]3 years ago
5 0

Answer:

c. A credit to Cash of $272.75.

Explanation:

These transactions can be explained with the help of T- Account .

<h2><u>          Cash             </u></h2><h3><u>Debit                   Credit   </u></h3>

                         Bal $ 500

Freight $61

Shipping

Charges  $ 85

Supplies  $ 50

Donation  $ 69

Suspense   7.75

<u>Fund     $ 227.25                     </u>

                        Fund   $ 227.25

<u>               Reimbursement </u><u> $272.75</u>

<u>                                             $ 500   </u>

<u />

<em><u>As there is shortage of $ 272.25 in the amount of $ 500 the petty cash will be reimbursed with this amount.</u></em>

<em><u>An amount of $ 7.75 is short  which is dealt in suspense account and reimbursed with the amount falling short.</u></em>

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