Business, 28.05.2020 16:58 shayambros

A company set up a petty cash fund with $800. The disbursements are as follows:

Office supplies $300

Shipping $50

Postage $30

Delivery expense $350

1. To create the fund, which account should be debited?

A. Supplies

B. Petty Cash

C. Cash at bank

D. Postage

2. To disburse funds, which account credited?

A. Supplies

B. Cash at bank

C. Postage

D. Petty cash

3. To replenish the petty cash fund, the journal entry would include?

A. Credit petty cash and debit cash

B. Debit postage and credit cash

C. Credit cash and debit postage

D. Debit petty cash and credit cash

Answers: 1

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A company set up a petty cash fund with $800. The disbursements are as follows:

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