spencer co. has a $320 petty cash fund. at the end of the first month the accumulated receipts represent $55 for delivery expenses, $175 for merchandise inventory, and $24 for miscellaneous expenses. the fund has a balance of $66. the journal entry to record the reimbursement of the account includes a:

Question

21-10-2022
Business

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spencer co. has a $320 petty cash fund. at the end of the first month the accumulated receipts represent $55 for delivery expenses, $175 for merchandise inventory, and $24 for miscellaneous expenses. the fund has a balance of $66. the journal entry to record the reimbursement of the account includes a:

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tutorconsortium116 tutorconsortium116 · Answer 1 · 2022-10-29T10:16:20+02:00

A petty cash fund is a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or employee reimbursements

Explain about the petty cash?

The fund must be reconciled every week by the Custodian. Petty Cash transactions are restricted to $100 per seller each day. Petty Cash funds should be refilled either once per month or when total receipts reach $200, whichever comes first.

Explanation:

Due to that,

Petty cash account: $320

Total proceeds for delivery costs come to $55.

Inventory of goods = $175

Total miscellaneous costs: $24

Fund balance is $66

Therefore,

The following is the journal entry for the account's reimbursement:

A/C doctor's delivery fees were $55.

A/C Dr. $175 in inventory of goods

Additional costs A/c Dr. $24

To Cash A/c $254

(To document the payment of petty cash)

To learn more about petty cash refer to:

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