Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

19. Ferguson Co. has a $410 petty cash fund. At the end of the first month the accumulated receipts represent $64 for delivery expenses, $211

19.

Ferguson Co. has a $410 petty cash fund. At the end of the first month the accumulated receipts represent $64 for delivery expenses, $211 for merchandise inventory, and $33 for miscellaneous expenses. The fund has a balance of $102. The journal entry to record the reimbursement of the account includes a:

Debit to Petty Cash for $410.

Debit to Cash Over and Short for $102.

Credit to Cash for $308.

Credit to Inventory for $211.

Credit to Cash Over and Short for $102.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Information Systems Managing the digital Firm

Authors: Kenneth C. Laudon, Carol Guercio Traver

14th edition

132142856, 132142854, 978-0133898163

More Books

Students also viewed these Accounting questions