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Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimburse November
Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimburse November 30. At the end of December, the fund contained the following petty cash receipts: If, in addition to these receipts, the petty cash fund contains $253.50 of cash, the journal entry to reimburse the fund on December 31 will include: Multiple Choice A credit to Office Supplies of $78. A debit to Petty Cash of $97 A credit to Cash of $246.50
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