Make the journal entry to reimburse the fund on December

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Question - 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 $52

December 7 Delivery charge for shipping to customer $76

December 12 Purchase of office supplies $41

December 18 Donation to charitable organization $60

If, in addition to these receipts, the petty cash fund contains $258.50 of cash, make the journal entry to reimburse the fund on December 31 will include:

a. A credit to Cash of $241.50.

b. A debit to Transportation-In of $93.

c. A credit to Cash Over and Short of $12.50.

d. A debit to Petty Cash of $93.

e. A credit to Office Supplies of $76.

Reference no: EM132704495

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