Childers Company 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 $108.
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 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 $108. 
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 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 $108. 
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 Has an Established Petty Cash Fund in the Amount