Question

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the...

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:

December 4 Freight charge for merchandise purchased $ 44
December 7 Delivery charge for shipping to customer $ 68
December 12 Purchase of office supplies $ 33
December 18 Donation to charitable organization $ 52


If, in addition to these receipts, the petty cash fund contains $292.50 of cash, the journal entry to reimburse the fund on December 31 will include:

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Answer #1

Journal entry will be

Merchandise inventory account (Freight-in).............Debit $44

Delivery expense account......................................Debit $68

Office Supplies account.........................................Debit $33

Miscellaneous Expense account...........................Debit $52

Cash over and short account..............................Debit $10.50

To Cash account($500 - $292.50)............. ........Credit $207.50

So, Credit to cash account $207.50

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