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

Question

Business

Katelynn Chapman

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)

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Filly Fally · Answer 1

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.

A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include aa.debit to Cash Over and Short for $13b.credit to Petty Cash for $29c.debit to Cash for $83d.credit to Cash for $54

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