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On January 8, the petty cash fund of ABC Co. shows $40 in cash along with receipts for the following expenditures: postage, $68; transportation-in, $140;
On January 8, the petty cash fund of ABC Co. shows $40 in cash along with receipts for the following expenditures: postage, $68; transportation-in, $140; delivery expenses, $100; and miscellaneous expenses, $53. ABC Co. uses the perpetual system in accounting for merchandise inventory The journal entry to reimburse the fund on January 8 includes: A. $400 credit to petty cash account B. $140 debit to Merchandise inventory account C. $400 credit to cash account D. $100 credit to delivery expenses account
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Accounting What the Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
12th edition
007802529X, 1259969525, 978-1260565492
