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Havermill Co. establishes a $330 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $81 for Office supplies, $153 for merchandise inventory, and $30 for miscellaneous expenses. The find has a balance of $66. On October 1, the accountant determines that the fund should be increased by $66. The journal entry to record the reimbursement of the fund on September 30 Includes a:
a. Debit to Office Supplies for $81.
b. Credit to Merchandise Inventory for $153.
c. Credit to Cash for $330.
d. Debit Petty Cash for $264.
e. Credit to Cash for $66.

Respuesta :

Answer:

a. Debit to Office Supplies for $81.

Explanation:

The journal entry for recording the  reimbursement of the fund includes the office expense for $81  as it is used during the month of December also the same is to be debited i.e. office supplies for $81 with respect to the expenses incurred

Therefore the correct option is a

And, hence all the other options are incorrect

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