A company writes a check to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. in recording the check, the company should

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Business

Lucian

27 May, 14:49

A company writes a check to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. in recording the check, the company should

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Hailee Owens · Answer 1

The answer is the company should debit cash Over and short for $3. If a company writes a check to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash.

It is an income statement account in which shortages or overages in cash are recorded, it is called cash short and over.