Answer:
The Journal Entry will be as follow
Dr. Delivery expense $43
Dr. Merchandise Inventory $127
Dr. Miscellaneous expenses $12
Dr. Cash Short / Excess $2
Cr. Cash $184
Explanation:
Expenses had debit nature so, they are recorded by debiting the relevant account.
Petty cash is an asset which also has debit balance. As the petty cash is used so, to reduce the its balance, it is credited.
Cash To be reimburse = $200 - $16 = $184
As there are only $182 of Expenses receipts, resultantly $2 is short out of cash. It is recorded in the cash short or excess account to make the cash balanced with the cash actually in hand.
Answer:
Debit petty cash $182 , Petty cash deficit $2,and credit cash $184
Explanation:
Petty cash is a system used to manage small purchases that can not be settles with check or credit cash payments.
A petty cash book is used to manage the flow of transactions in a petty cash system.
Another key term in petty cash is reimbursement , which is the replacement of amount spent through a petty cash . The amount is calculated and debit to petty cash book in the main ledger while the source of reimbursement amount , either cash or check is credited with the same value.
