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Havermill Co. establishes a $500 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent
Havermill Co. establishes a $500 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $98 for Office Supplies, $187 for merchandise inventory, and $47 for miscellaneous expenses. The fund has a balance of $168. On October 1, the accountant determines that the fund should be increased by $100. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice Debit Miscellaneous Expense $500; credit Cash $500. Debit Petty Cash $500; credit Accounts Payable $500. O Debit Cash $500; credit Accounts Payable $500. o Debit Cash $500; credit Petty Cash $500. o o Debit Petty Cash $500; credit Cash $500
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