Ask Question
16 June, 09:18

A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include a

a.

debit to Cash Over and Short for $13

b.

credit to Petty Cash for $29

c.

debit to Cash for $83

d.

credit to Cash for $54

+4
Answers (1)
  1. 16 June, 12:36
    0
    Option A.

    Explanation:

    It is given that a $150 petty cash fund has cash of $54 and receipts of $83.

    We need to find the journal entry to replenish the account.

    Cash and receipts = Cash + receipts

    = $54 + $83

    = $137

    Short for cash = Cash fund - Cash and receipts

    = $150 - $137

    = $13

    The required journal entry to replenish the account would include a debit to Cash Over and Short for $13.

    Therefore, the correct option is A.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include a a. debit to Cash ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers