Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 1, 2021, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During

image text in transcribed

On July 1, 2021, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from the petty cash fund: Office supplies Postage Delivery charges Bottled water Total $36 22 40 28 $126 At the end of July the petty cash fund was replenished. The journal entry to replenish the petty cash fund includes: Multiple Choice A credit to petty cash and a debit to various expenses for 26. A debit to petty cash and a credit to cash for $150. A credit to cash and a debit to various expenses for $126. None of these answer choices are correct

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

More Books

Students also viewed these Accounting questions