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 credit to Cash of $199.
B) A credit to Cash Over and Short of $10.
C) A debit to Petty Cash of $189.
D) A debit to Transportation-In of $62.
E) A credit to Office Supplies of $30.
Correct Answer:
Verified
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