Question

The petty cash fund had an initial imprest balance of $ 220. It currently has $ 18 in​ cash, $ 3 in miscellaneous petty cash​ tickets, and an additional $ 191 in specific petty cash tickets. The debit to Cash Short​ & Over would be​:

Answer 1

Answer:

The debit to Cash Short​ & Over would be​:    $ 8

Explanation:          

                           Particulars              Debit              Credit                                                    

                         Cash                         $ 18

                        Miscellaneous           $ 3

                       Additional Tickets      $ 191

                     Cash Over and Short     $ 8

                                    Petty Cash Fund                    $ 220

Sometimes a petty cashier fails to get a receipt for a payment or over pays for the amount due. When this occurs and the fund is later reimbursed the petty cash payments report plus  the cash remaining will not total to the fund balance . This mistake causes the fund to be short. This shortage is recorded as an expense in the reimbursing entry with a debit to Cash Short​ & Over .