A company had a petty cash account with a stated balance of $300 on January 1, 2001. Petty cash expenses for 2001 were as follows: postage, $45; supplies used, $145; parking fees, $30. At the end of 2001, the auditor counted the money in the petty cash fund and found $50 cash on hand. The December 31, 2001, entry regarding the petty cash fund should be:
| 1 | Postage expense | 45 | |
| Supplies expense | 145 | ||
| Parking expense | 30 | ||
| Cash | 220 | ||
| 2 | Postage expense | 45 | |
| Supplies expense | 145 | ||
| Parking expense | 30 | ||
| Cash short | 30 | ||
| Cash | 250 | ||
| 3 | Postage expense | 45 | |
| Supplies expense | 145 | ||
| Parking expense | 30 | ||
| Cash short | 30 | ||
| Cash | 30 | ||
| Petty cash | 220 | ||
| 4 | Postage expense | 45 | |
| Supplies expense | 145 | ||
| Parking expense | 30 | ||
| Cash short | 30 | ||
| Petty cash | 250 |
A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4
Correct Answer:
Verified
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