MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30? Multiple Choice Office Supplies Expense 40 Shipping Supplies Expense 30 Petty Cash 70 Cash 158 Petty Cash 158 Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 157.5 Cash 227.5 Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 88 Cash 158 Petty Cash 220 Cash 220
MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30? Multiple Choice Office Supplies Expense 40 Shipping Supplies Expense 30 Petty Cash 70 Cash 158 Petty Cash 158 Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 157.5 Cash 227.5 Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 88 Cash 158 Petty Cash 220 Cash 220
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 6SEB
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Question
MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30?
Multiple Choice
-
Office Supplies Expense 40 Shipping Supplies Expense 30 Petty Cash 70 -
Cash 158 Petty Cash 158 -
Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 157.5 Cash 227.5 -
Office Supplies Expense 40 Shipping Supplies Expense 30 Cash over and short 88 Cash 158 -
Petty Cash 220 Cash 220
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