Perpetual Inventory System Assignment | Top Universities

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $400. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:

Don't use plagiarized sources. Get Your Assignment on
Perpetual Inventory System Assignment | Top Universities
Just from $13/Page
Order Now

Top Universities


December 4 Freight charge for merchandise purchased $ 62
December 7 Delivery charge for shipping to customer $ 46
December 12 Purchase of office supplies $ 30
December 18 Donation to charitable organization $ 51

If, in addition to these receipts, the petty cash fund contains $201 of cash, the journal entry to reimburse the fund on December 31 will include:

Multiple Choice

A debit to Transportation-In of $62.

A credit to Cash of $199.

A debit to Petty Cash of $189.

A credit to Cash Over and Short of $10.

A credit to Office Supplies of $30.Get Accounting Homework Help Today

Calculate your paper price

Pages(550 words)

Approximate price:-