Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

23 Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date

23
image text in transcribed
image text in transcribed
Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for Merchandise Inventory, and $22 for Miscellaneous Expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1 is: Multiple Choice Debit Petty Cash $300; credit Cash $300. Debit Cash $50; credit Petty Cash $50. o Debit Miscellaneous Expense $50, credit Cash $50 Debit Petty Cash $50: credit Accounts Payable $50 Debit Petty Cash $50; credit Cash $50

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

Accounting

Authors: Carl s. warren, James m. reeve, Philip e. fess

21st Edition

978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004

More Books

Students also viewed these Accounting questions

Question

212. What is conservatism? What are its advantages?

Answered: 1 week ago