Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started