Question

On september 1, you compare the petty cash book balance of $29.30 with the actual currency in the petty cash box. the box contains the following: 2-$5 bills; 6-$1 bills; 12-half dollars; 8-quarters; 34-dimes; 16-nickels; and 25 pennies. complete the following to find the amount of cash shortage/overage:

Answer 1

The amount of cash overage in the petty cash book as against the opening balance will be $0.85.

What is petty cash book?

A book, which has the chronological and systematic records of all the small and petty expenses and receipts of an organization, is known as a petty cash book.

The balance in petty cash book can be ascertained by the following method,

$\rm Petty\ Cash\ Balance= Beginning\ Balance - Expenses\ and\ Petty\ Bills\\\\\rm Petty\ Cash\ Balance= 29.30 - (10+6+6+0+3.80+0.80+0.25)\\\\\rm Petty\ Cash\ Balance= 0.85$

Hence, the petty cash book has an overage of $0.85 for the month of September.

Learn more about petty cash book here:

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