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Hi I am doing some exam practice and I was wondering if I could get help with this one? MainCo Company's accounting policies require the
Hi I am doing some exam practice and I was wondering if I could get help with this one?
MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 302 Multiple Choice O Cash 158) Petty Cash 158 40 Office Supplies Expense Shipping Supplies Expense Cash over and short 30 157.5 Cash 227.5 Office Supplies Expense Shipping Supplies Expense Petty Cash 40 301 70 40 Office Supplies Expense Shipping Supplies Expense Cash over and short 30 88 Cash 158 Petty Cash 220 Cash 220Step by Step Solution
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