Question

A $150 petty cash fund has cash of $54 and receipts of $83. the journal entry to replenish the account would include a

Answer 1

The journal entry to replenish the account would include cash short of $\boxed{\ 13}.$

Further explanation:

Given:

Petty cash fund has a cash of $\ 54$ and a receipts of $\ 83.$

The total amount has to be in the petty cash fund is $\ 150.$

Explanation:

The cash amount for petty fund is $\ 54.$

The receipt of $\ 83$ for petty fund.

The amount for the petty is $\ 150.$

The total amount for petty fund can be calculated as follows,

$\begin{aligned}{\text{Amount}} &= 54 + 83\\&= \ 137\\\end{aligned}$

The journal entry to replenish the account would include cash short can be obtained as follows,

$\begin{aligned}{\text{Short over amount}} &= 150 - 137\\&= \ 13\\\end{aligned}$

The journal entry to replenish the account would include cash short of $\boxed{\ 13}.$

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Profit and loss

Keywords: petty cash fund, $150, cash, receipts, $83, journal entry, replenish, account, funded, fund, debit cash short, cash short over, $54.

Answer 2

A $150 petty cash fund has a cash of $54 and a receipt amounting of $83. The journal entry to replenish the account would include a debit to cash over and a shot amounting of $13. This would be the answer to the question above.