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Meng Co Establishes a $250 Petty Cash Fund on January 1

Question 103

Multiple Choice

Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is:


A) Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is: A) B) C) D) E)
B) Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is: A) B) C) D) E)
C) Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is: A) B) C) D) E)
D) Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is: A) B) C) D) E)
E) Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $68 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund to $300 on January 15, the journal entry is: A) B) C) D) E)

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