Business, 07.11.2019 21:31 makaylamsikahema

Meng co. maintains a $300 petty cash fund. on january 31, the fund is replenished. the accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. there is a cash shortage of $8. the journal entry to replenish the fund on january 31 is: multiple choicea. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; dr. cash over and short, $8; cr. petty cash, $268.b. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; cr. cash over and short, $8; cr. petty cash, $252.c. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; cr. cash over and short, $8; cr. cash, $252.d. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; dr. cash over and short, $8; cr. cash, $268.e. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; cr. cash over and short, $8; cr. petty cash, $400.

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Answer from: winnie45

THE ANSWER IS "A". Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Dr. Cash over and short, $8; Cr. Petty cash, $268.

DR: PETTY CASH $268

CR: CASH/BANK $268

BEING REIMBURSEMENT OF PETTY CASH EXPENSES FROM CASH OR BANK

Explanation:

THE PETTY CASH OF MENG CO. HAS TO BE REPLENISHED WITH THE AMOUNT SPENT OUT OF IT ($268) IN ORDER TO MAKE IT UP TO A FUND OF $300. THIS CAN BE DONE FROM THE CASH OR BANK ACCOUNT.

ALSO NOTE THAT SINCE THE AMOUNT OF CASH SHORTAGE IS YET TO BE ACCOUNTED FOR BY THE PETTY CASHIER, THE AMOUNT WILL BE DEBITED TO A SUSPENSE ACCOUNT (CASH OVER OR SHORT) PENDING THE TIME IT IS RESOLVED BEFORE IT WILL BE TRANSFERRED TO THE NECESSARY ACCOUNT IT WAS MEANT FOR.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

y=mx+b is the right slope of velocity carry the 4 over

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Meng co. maintains a $300 petty cash fund. on january 31, the fund is replenished. the accumulated r...