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Havermill Co. establishes a $350 petty cash fund on September 1. On September 30, the...

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Accounting

Havermill Co. establishes a $350 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $83 for Office Supplies, $157 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $78. On October 1, the accountant determines that the fund should be increased by $70. The journal entry to record the establishment of the fund on September 1 is:

Multiple Choice

Debit Cash $350; credit Petty Cash $350.

Debit Petty Cash $350; credit Accounts Payable $350.

Debit Miscellaneous Expense $350; credit Cash $350.

Debit Petty Cash $350; credit Cash $350.

Debit Cash $350; credit Accounts Payable $350.

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