Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Meng Company maintains a $385 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $97 for office

Meng Company maintains a $385 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $97 for office supplies, $194 for merchandise inventory, and $37 for miscellaneous expenses. There is a cash shortage of $12. The journal entry to replenish the fund on January 31 is:

A. Debit Office Supplies Expense, $97; Debit Merchandise Inventory, $194; Debit Miscellaneous Expenses, $37; Debit Cash Over and Short, $12; Credit Petty Cash, $340.

B. Debit Office Supplies Expense, $97; Debit Merchandise Inventory, $194; Debit Miscellaneous Expenses, $37; Credit Cash Over and Short, $12; Credit Petty Cash, $316.

C. Debit Office Supplies Expense, $97; Debit Merchandise Inventory, $194; Debit Miscellaneous Expenses, $37; Credit Cash Over and Short, $12; Credit Cash, $316.

D. Debit Office Supplies Expense, $97; Debit Merchandise Inventory, $194; Debit Miscellaneous Expenses, $37; Debit Cash Over and Short, $12; Credit Cash, $340.

E. Debit Office Supplies Expense, $97; Debit Merchandise Inventory, $194; Debit Miscellaneous Expenses, $37; Credit Cash Over and Short, $12; Credit Petty Cash, $385.

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

The Organisation Shadow Side Audit

Authors: W Tate

1st Edition

1902433971, 978-1902433974

More Books

Students also viewed these Accounting questions

Question

Networking is a two-way street. Discuss this statement.

Answered: 1 week ago