Question

Silver Co. has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expenses, $207 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $98. The journal entry to record the reimbursement of the account includes a:

Answer 1

Answer:

Credit to cash for $302

Explanation:

Account Titles and Explanation                        Debit       Credit

Delivery expenses                                               $63

Miscellaneous inventory                                      $207

Miscellaneous expense                                       $32

Cash                                                                                   $302

(To record petty cash reimbursement)