Question

Spencer Co. has a $360 petty cash fund. At the end of the first month the accumulated receipts represent $59 for delivery expenses, $191 for merchandise inventory, and $28 for miscellaneous expenses. The fund has a balance of $82. The journal entry to record the reimbursement of the account includes a:

Answer 1

Answer:

Journal Entry

Explanation:

The Journal entry is to record reimbursement of the account shown below:-

Delivery expenses Dr,                             $59

Merchandise inventory Dr,                      $191

Miscellaneous expenses Dr,                   $28

       To Cash                                                       $278

(Being petty cash reimbursement is recorded)