A $298 petty cash fund has cash of $32 and receipts of $247. The journal entry to replenish the account would include credit to

Question

2 years ago

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Petty Cash for $247. debit to Cash for $247. debit to Petty Cash for $266. credit to Cash for $266.

1 answer:

Nikolay [14] · Answer 1 · 2023-06-30T02:24:22+03:00

The journal entry to replenish the petty cash account is credit to Cash for $266.

<h3>How would petty cash be replenished?</h3>

The amount that needs to be replenished is:

= Petty cash fund - cash

= 298 - 32

= $266

This amount needs to be taken from the cash account which is why the cash account will be credited with $266.

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