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Havermill Co

Accounting

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Havermill Co. establishes a $350 petty cash fund on September 1. On September 30, the fund Is replenished. The accumulated receipts on that date represent $83 for Office Supplies, $157 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $78 On October 1, the accountant determines that the fund should be increased by $70. The journal entry to record the establishment of the fund on September 1 is: 
Multiple Choice 
ODebit Miscellaneous Expense $350: credit Cash $350 • Debit Petty Cash $350, credit Accounts Payable $350 ODebit Cash $350; credit Petty Cash $350 ODebt Cash $350; credit Accounts Payable $350 ODebt Petty Cash $350. credit Cash $350