A $175 petty cash fund has cash of $22 and receipts of $168. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $22 credit to Cash for $175 credit to Cash Short and Over for $15 credit to Petty Cash for $168

Question

Business

Shuttershy

21 April, 19:05

A $175 petty cash fund has cash of $22 and receipts of $168. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $22 credit to Cash for $175 credit to Cash Short and Over for $15 credit to Petty Cash for $168

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Answers (1)

Know the Answer?

Trace Hester · Answer 1

credit to Cash Short and Over for $15

Explanation:

Given that,

Petty cash fund to be = $175

Cash in hand (petty cash) = $22

Expenses actually incurred:

= Petty cash fund to be - Cash in hand (petty cash)

= $175 - $22

= $153

Amount received = $168

Cash short and over received:

= Amount received - Expenses actually incurred

= $168 - $153

= $15 (Excess cash received)

Therefore, credit to cash short and over for $15.