Question

A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to a. Cash for $180 b. Cash Short and Over for $3 c. Petty Cash for $190 d. Cash for $20

Answer 1

Answer:

a. Cash for $180

Explanation:

The receipts from the petty cash fund indicate that the owner of the box made purchases adding up to $177. Therefore that money is no longer part of the fund. Since the fund holds $200 and currently only has $20 then to replenish the account the journal entry would need to include a credit to cash for $180 ... ($200-$20=$180)

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