The petty cash fund had an initial imprest balance of $ 100. It currently has $ 20 and petty cash tickets totaling $ 75 for office supplies. The entry to replenish the fund would containa. a credit to Cash Short & Over for $5. b. a credit to Petty Cash for $80. c. a debit to Cash Short & Over for $5. d. a debit to Petty Cash for $80.

Question

Business

Gary Valdez

3 August, 20:28

The petty cash fund had an initial imprest balance of $ 100. It currently has $ 20 and petty cash tickets totaling $ 75 for office supplies. The entry to replenish the fund would containa. a credit to Cash Short & Over for $5. b. a credit to Petty Cash for $80. c. a debit to Cash Short & Over for $5. d. a debit to Petty Cash for $80.

+5

Answers (1)

Know the Answer?

Josephine · Answer 1

c. a debit to Cash Short & Over for $5

Explanation:

Given information

Initial imprest balance = $ 100

Ending cash balance = $20

Office supplies = $75

So, the remaining balance would be

= Initial imprest balance - Ending cash balance

= $100 - $20

= $80

The journal entry would be

Office supplies A/c Dr $75

Cash Short & Over A/c Dr $5

To Petty cash A/c $80

(Being the replenish the fund is recorded)