Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Havermill Company establishes a $400 petty cash fund on September 1. on September 30, the fund is replenished. The accumulated receipts on that date represent

image text in transcribed
Havermill Company establishes a $400 petty cash fund on September 1. on September 30, the fund is replenished. The accumulated receipts on that date represent $88 for Office Supplies, $152 for merchandise inventory, and $37 for miscellaneous expenses. The fund has a balance of $33. On October 1, the accountant determines that the fund should be increased by $80 The journal entry to record the increase in the fund balance on October tis: Multiple Choice Debit Petty Cash $480. Credit Cash $480 Debit Cash $80, credit Petty Cash 580 Debit Miscellaneous Expense Soo, Credit Cash $80. Debit Petty Cash $80, credit Accounts Payable 580 Debit Petty Cash 580. Credit Cath $80

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant Datar, Madhav Rajan

17th Global Edition

129236307X, 9781292363073

More Books

Students also viewed these Accounting questions