Question

An imprest petty cash fund of​ $600 was established for minor disbursements. At the end of the​ month, the fund included petty cash tickets for the purchase of​ $200 in​ supplies, $73 for​ meals, $82 for​ fuel, and​ $67 for taxi fare. How much cash should be left in the​ fund?
A.
​$1022
B.
​$600
C.
​$178
D.
​$245

Answer 1

Answer:

C. $ 178

Explanation:

The total minor disbursements from the petty cash fund need to be aggregated.

Purchase of supplies                                            $ 200

Meal expenses                                                     $    73

Fuel expenses                                                      $    82

Taxi fare                                                                 $   67

Total disbursements                                            $ 422

Petty cash fund                                                      $ 600

Cash left in hand = Value of petty cash fund - Disbursements

$ 600 - $ 422 = $ 178