Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4Freight charge for merchandise purchased$51.00?December 7Delivery charge for shipping to customer$75.00?December 12Purchase of office supplies$40.00?December 18Donation to charitable organization$59.00? If, in addition to these receipts, the petty cash fund contains $262.75 of cash, the journal entry to reimburse the fund on December 31 will include:
A. A debit to Transportation-In of $91.
B. A credit to Office Supplies of $75.
C. A credit to Cash of $237.25.
D. A credit to Cash Over and Short of $12.25.
E. A debit to Petty Cash of $91.
Answer: C
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