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  3. havermill company establishes a $420 petty cash fu

Havermill Company establishes a $420 petty cash fund on September 1 On September 30, the...

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Accounting

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Havermill Company establishes a $420 petty cash fund on September 1 On September 30, the fund is replenished. The accumulated receipts on that date represent $90 for Office Supplies, $171 for merchandise inventory, and $39 for miscellaneous expenses. The fund has a balance of $120. On October 1, the accountant determines that the fund should be increased by $84 The Journal entry to record the establishment of the fund on September 1 is: Multiple Choice Debit Cash $420, credit Petty Cash $420 Debit Petty Cash $420, credit Accounts Payable $420 Debit Miscellaneous Expense $420, credit Cash 5420 Debit Petty Cash 5420 credit Cash $420, Debit Cash $420 credit Accounts Payable $420

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