Triple Company's accountant made an entry that included the following items: debit postage expense $12.42,debit office supplies expense $27.33,credit cash over/short $2.19.If the original amount in petty cash is $320,how much is in petty cash before the reimbursement?
A)$320.00
B)$282.44
C)$37.56
D)$39.75
E)$41.94

Question

Quizplus · Accepted Answer

The total amount of the entries made by the accountant is:
$12.42 (postage) + $27.33 (office supplies) - $2.19 (cash over/short) = $37.56
This means that there is $37.56 less in petty cash than the original amount of $320, so the amount in petty cash before the reimbursement is:
$320 - $37.56 = $282.44
Therefore, the best choice is B.

Triple Company's Accountant Made an Entry That Included the Following