Spencer Company Normal false false false EN-US X-NONE X-NONE has a $260 petty cash fund....
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Spencer Company Normal false false false EN-US X-NONE X-NONE has a $260 petty cash fund. At the end of the first month the accumulated receipts represent $49 for delivery expenses, $151 for merchandise Inventory, and $18 for miscellaneous expenses. The fund has a balance of $42. The Journal entry to record the reimbursement of the account includes a Multiple Choice Debit to Petty Cash for $260. Debit to Cash Over and Short for $42 Credit to Cash for $218 Credit to Inventory for $151 Credit to Cash Over and Short for $42
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