Business, 16.04.2021 01:00 zoeycrew

Havermill Co. establishes a $360 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $84 for Office Supplies, $159 for merchandise inventory, and $33 for miscellaneous expenses. The fund has a balance of $84. On October 1, the accountant determines that the fund should be increased by $72. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice Debit Cash $360; credit Petty Cash $360. Debit Petty Cash $360; credit Accounts Payable $360. Debit Miscellaneous Expense $360; credit Cash $360. Debit Petty Cash $360; credit Cash $360. Debit Cash $360; credit Accounts Payable $360.

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Havermill Co. establishes a $360 petty cash fund on September 1. On September 30, the fund is replen...