Reference no: EM132773985

Problem 1: MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. MainCo's junior accountant reviews the content of the petty cash box at June 30 to find receipts for purchases of office supplies of $40, shipping supplies of $30 and a left over balance in cash of $7.50. What entry would you make to replenish the petty cash fund at June 30?

1) Office Supplies Expense 40

Shipping Supplies Expense 30

Petty Cash 70

2) Cash 158

Petty Cash 158

3) Office Supplies Expense 40

Shipping Supplies Expense 30

Cash over and short 157.50

Cash 227.50

4) Office Supplies Expense 40

Shipping Supplies Expense 30

Cash over and short 88

Cash 158

5) Petty Cash 220

Cash 220