Havermill Co

question 155

Multiple Choice

Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is reimbursed. 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 reimbursement of the fund on September 30 includes a:

• A)Debit to Office Supplies for $73.
• B)Credit to Merchandise Inventory for $137.
• C)Credit to Cash for $250.
• D)Debit Petty Cash for $232.
• E)Credit to Cash for $18.

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Definitions:

Quantitative Research

The systematic empirical investigation of observable phenomena via statistical, mathematical, or computational techniques.

Observations

The act of noticing and recording events, behaviors, or processes to gather information.

Qualitative Methods

Research methods that collect and analyze non-numerical data to understand concepts, thoughts, or experiences.

Interviews

A method of gathering information by asking questions verbally, commonly used in research, journalism, and employment selection processes.