Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1 is:
A) Debit Petty Cash $300; credit Cash $300.
B) Debit Cash $50; credit Petty Cash $50.
C) Debit Miscellaneous Expense $50; credit Cash $50.
D) Debit Petty Cash $50; credit Accounts Payable $50.
E) Debit Petty Cash $50; credit Cash $50.
E) Debit Petty Cash $50; credit Cash $50.
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Indicate whether the statement is true or false
Mature products with stable demand
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