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Kryger [21]
1 year ago
7

The custodian of a $450 petty cash fund discovers that the fund has $65 in coins and currency plus $382 in receipts at the end o

f the month. The entry to replenish the petty cash fund will include:
Business
1 answer:
Mandarinka [93]1 year ago
8 0

The entry to replenish the petty cash fund will include a credit to cash for $385.

What is petty cash fund?

When regular purchasing techniques are impractical, such as when buying office supplies or paying employees, a tiny sum of money called petty cash is utilized instead.

The entry to replenish the petty cash fund amount will include:

Fund amount : $450 - Used

Fund amount  :$450 - $382 = 68

cash on hand - remaining ; $68 - $65 = $3

Used + remaining ; $382 + $65 = 385

As a result, a credit to cash for $385.

Learn more about on petty cash fund, here:

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