loader  Loading... Please wait...

Question(s) / Instruction(s):

Stephen Company has an established petty cash fund in the amount of $510. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:

December 4       Freight chare for merchandise purchased             $ 42

December 7       Freight charge for delivery to customer $ 64

December 12     Purchase of office supplies          $ 33

December 18     Donation to charitable organization         $ 40

If, in addition to these receipts, the petty cash fund contains $321 of cash, the journal entry to reimburse the fund on December 31 will include:

a.            A debit to Cash Over and Short of $10.

b.            A debit to Transportation-In of $106.

c.             A debit to Transportation-Out of $106.

d.            A credit to Cash Over and Short of $10.

e.            A credit to Office Supplies of $116.

Find Similar Answers by Subject

Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)

Expert's Answer
Download Solution:

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)

You Recently Viewed...

Reach Us