question 3 (10 points)
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
answer the question below based on the above information.
to disburse funds, which account credited?
cash at bank
supplies
postage
petty cash

Question

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Petty Cash Fund", "Journalizing Petty Cash" ], "new_concepts": [], "current_concepts": [ "Petty Cash Fund", "Journalizing Petty Cash" ] } ## Calculate total disbursements and identify the replenishment entry $$ \text{Total Disbursements} = \$300 \text{ (Office Supplies)} + \$50 \text{ (Shipping)} + \$30 \text{ (Postage)} + \$350 \text{ (Delivery Expense)} = \$730 $$ ## Determine the account credited during replenishment $$ \begin{aligned} &\text{Debit: Office Supplies Expense} \quad \$300\ &\text{Debit: Shipping Expense} \quad \$50\ &\text{Debit: Postage Expense} \quad \$30\ &\text{Debit: Delivery Expense} \quad \$350\ &\text{Credit: Cash at Bank (or Cash)} \quad \$730 \end{aligned} $$

(A) Cash at Bank

(B) Supplies

(C) Postage

(D) Petty Cash

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Accounting", "Petty Cash Replenishment" ] }

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Question

Explanation:

Calculate total disbursements and identify the replenishment entry

Determine the account credited during replenishment

Answer: