Havermill Co. establishes a $500 petty cash fund on September 1. On September 30

Question

Havermill Co. establishes a $500 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $98 for Office Supplies, $187 for merchandise inventory, and $47 for miscellaneous expenses. The fund has a balance of $168. On October 1, the accountant determines that the fund should be increased by $100. The journal entry to record the reimbursement of the fund on September 30 includes a:

Choices:

Multiple Choice

Debit to Office Supplies for $98.

Credit to Merchandise Inventory for $187.

Credit to Cash for $500.

Debit Petty Cash for $332.

Credit to Cash for $168.

Explanation / Answer

The journal entry to record the reimbursement of the fund on September 30 includes a Debit to Office Supplies for $98

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