Albany Co., which uses a perpetual inventory system, has a $400 petty cash fund. At the end of the first month, the accumulated receipts represent $60 for delivery expenses, $140 for incoming freight charges, $90 for entertainment expense, and $20 for miscellaneous expenses. The fund has a balance of $105. The journal entry to record the reimbursement of the account is:
A. Debit Merchandise Inventory, $140; Debit Delivery Expense, $60; Debit Entertainment Expense, $90; Debit Miscellaneous Expenses, $20; Credit Cash, $295; Credit Cash Over and Short, $15.
B. Debit Merchandise Inventory, $140; Debit Delivery Expense, $60; Debit Entertainment Expense, $90; Debit Miscellaneous Expenses, $20; Credit Cash, $310.
C. Debit Petty Cash, $295; Credit Cash, $295.
D. Debit Merchandise Inventory, $200; Debit Entertainment Expense, $90; Debit Miscellaneous Expenses, $20; Credit Cash, $295; Credit Cash Over and Short, $15.
E. Debit Delivery Expense, $200; Debit Entertainment Expense, $90; Debit Miscellaneous Expenses, $20; Credit Cash, $295; Credit Cash Over and Short, $15.
Answer: A
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