spencer company has a $220 petty cash fund. at the end of the first month the accumulated receipts represent $45 for delivery expenses, $135 for merchandise inventory, and $14 for miscellaneous expenses. the fund has a balance of $26. the journal entry to record the reimbursement of the account includes a:

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27-10-2022
Business

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spencer company has a $220 petty cash fund. at the end of the first month the accumulated receipts represent $45 for delivery expenses, $135 for merchandise inventory, and $14 for miscellaneous expenses. the fund has a balance of $26. the journal entry to record the reimbursement of the account includes a:

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NehaGupta NehaGupta · Answer 1 · 2022-11-01T03:43:47-04:00

Spencer company has a $220 petty cash fund. at the end of the first month the accumulated receipts represent $45 for delivery expenses, $135 for merchandise inventory, and $14 for miscellaneous expenses. the fund has a balance of $26. the journal entry to record the reimbursement of the account includes a Credit to Cash for $194.

How is credit converted into cash?

A merchant account is a type of business account that can aid in processing credit cards. Because you can accept credit card payments from other individuals when you open a merchant account, this is true. This sum of money will be deposited as cash directly into your bank account.

What exactly is cash credit?

A corporation can obtain short-term finance using Cash Credits (CC). To put it another way, a cash credit is a brief loan given to a business by a bank. An organization can use it to withdraw funds from a bank account without maintaining a credit balance. Only loans up to the borrowing limit are permitted from the account.

To know more about cash credit visit:

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