Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the...
Childers Company, which uses a perpetual inventory system, has
an established petty cash fund in the amount of $500. The fund was
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 | $ | 48 |
| December 7 | Delivery charge for shipping to customer | $ | 72 |
| December 12 | Purchase of office supplies | $ | 37 |
| December 18 | Donation to charitable organization | $ | 56 |
If, in addition to these receipts, the petty cash fund contains
$275.50 of cash, the journal entry to reimburse the fund on
December 31 will include:
Multiple Choice
-
A credit to Cash of $224.50.
-
A debit to Transportation-In of $85.
-
A debit to Petty Cash of $85.
-
A credit to Office Supplies of $72.
-
A credit to Cash Over and Short of $11.50.
Homework Answers
| The journal entry to reimburse the fund is: | |||
| Debit | Credit | ||
| Merchandise inventory | 48 | ||
| Delivery charge | 72 | ||
| Office supplies | 37 | ||
| Donation | 56 | ||
| Cash Over and Short | 11.5 | =224.5-48-72-37-56 | |
| Cash | 224.50 | =500-275.5 | |
| Option A credit to Cash of $224.50 is correct | |||
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Wrote a $340 check to establish a petty cash fund.
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2
Wrote a $350 check to establish a petty cash fund.
5
Purchased paper for the copier for $14.75 that is immediately
used.
9
Paid $36.50 shipping charges (transportation-in) on merchandise
purchased for resale, terms FOB shipping point. These costs are
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Paid $8.25 postage to deliver a contract to a...
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