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Financial Accounting

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Compute the Journal Entry Petty Cash

FINACT-NPNGUP
Petty Cash Journal Entry: DEBIT CREDIT
Cash Over and Short \$ —K —
Freight-In \$25
Supplies Expense \$14
Postage \$50
Cash \$ — M —

The above journal entry is missing two amounts, 'K' and 'M'. If the Petty Cash Fund amount is \$100 and there is \$7 on hand, what are the amounts for K and M above?

A

K: \$4
M: \$100

B

K: \$4
M: \$93

C

K: \$4
M: \$89

D

K: \$11
M: \$100