Spencer Co. has a $420 petty cash fund. At the end of the first month the accumulated receipts represent $65 for delivery expenses, $215 for merchandise inventory, and $34 for miscellaneous expenses. The fund has a balance of $106. The journal entry to record the reimbursement of the account includes a: Multiple Choice Debit to Petty Cash for $420. Debit to Cash Over and Short for $106. Credit to Cash for $314. Credit to Inventory for $215. Credit to Cash Over and Short for $106.
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Spencer Co. has a $420 petty cash fund. At the end of the first month the accumulated receipts repre...
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