Childers Company,which uses a perpetual inventory system,has an established petty cash fund in the amount of $400.The fund was last reimbursed on November 30.At the end of December,the fund contained the following petty cash receipts: If,in addition to these receipts,the petty cash fund contains $201 of cash,the journal entry to reimburse the fund on December 31 will include:
A)A debit to Transportation-In of $62.
B)A debit to Petty Cash of $189.
C)A credit to Office Supplies of $30.
D)A credit to Cash Over and Short of $10.
E)A credit to Cash of $199.

Question

Childers Company,which uses a perpetual inventory system,has an established petty cash fund in the amount of $400.The fund was last reimbursed on November 30.At the end of December,the fund contained the following petty cash receipts:  If,in addition to these receipts,the petty cash fund contains $201 of cash,the journal entry to reimburse the fund on December 31 will include:
A)A debit to Transportation-In of $62. 
B)A debit to Petty Cash of $189. 
C)A credit to Office Supplies of $30. 
D)A credit to Cash Over and Short of $10. 
E)A credit to Cash of $199.

Quizplus · Accepted Answer

The Answer of Childers Company,which uses a perpetual inventory system,has an established petty cash fund in the amount of $400.The fund was last reimbursed on November 30.At the end of December,the fund contained the following petty cash receipts:  If,in addition to these receipts,the petty cash fund contains $201 of cash,the journal entry to reimburse the fund on December 31 will include:
A)A debit to Transportation-In of $62. 
B)A debit to Petty Cash of $189. 
C)A credit to Office Supplies of $30. 
D)A credit to Cash Over and Short of $10. 
E)A credit to Cash of $199.

Childers Company,which Uses a Perpetual Inventory System,has an Established Petty