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21 September, 02:35

A petty cash fund was established with a $200 balance. It currently has cash of $35 and petty cash tickets as follows: Office expense $130 and Entertainment Expense $45. Which of the following would be included in the journal entry to replenish the Petty Cash fund? A. credit to Cash Short & Over for $10B. debit to Cash Short & Over for $10C. debit to Cash Short & Over for $25D. credit to Cash Short & Over for $25

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  1. 21 September, 03:13
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    A. credit to Cash Short & Over for $10

    Explanation:

    Petty Cash is used to pay the daily expenses of the business. This cash is issued and settled against the expenses tickets received. Sometime cash is calculated as short & over.

    Cash to be reimburse = $200 - $35 = $165

    Total value of Tickets = $130 + $45 = $175

    Cash Short / over = Total of Cash tickets - Cash to be reimburse = $175 - $165 = $10

    Cash balance is over from the balance in the petty cash by $10.

    Journal Entry is as follow

    DR. Office expense $130

    DR. Entertainment Expense $45

    Cr. Cash short & over $10

    Cr. Cash ($200 - $35) $165
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