1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
shtirl [24]
3 years ago
11

A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit t

o:
a. Cash for $20
b. Petty Cash for $190
c. Cash Short and Over for $3
d. Cash for $180
Business
2 answers:
IRISSAK [1]3 years ago
6 0

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:

d. Cash for $180

Explanation: As observed above the petty cash receipts are falling short of $3, But that will be adjusted with expenses as its a small amount and balance of $200 needs to be maintained in the petty cash.

Natalka [10]3 years ago
6 0

<u>The cash account should be credited with $180 as the cash is transferred to the petty cash department. </u>

<u> </u>

Further explanation:

Petty cash fund:  It refers to the fund established for paying the small amount of expenditures which are incurred on a daily basis. The petty cash fund is suitable for small payments where the check is not useful.

Replenishing petty cash:  Petty cash department has to maintain the minimum balance in order to meet the minor expenses of the business. When the balance of the petty cash book goes below the minimum balance; the custodian of the petty cash department requests funds from the management of the company to maintain the minimum balance.

In the current case, the minimum balance of petty cash book is $200, and petty cash department has $20. So, it requires only $180.  

Amount replenished = Minimum Fund – Cash available

                                 = $200 - $20

                                 = $180

<u>Thus, the cash account should be credited with $180 as the cash is transferred to the petty cash department. </u>

<u> </u>

Learn more:

1. Learn more about journal entry related to the purchase of the asset

brainly.com/question/7939002

2. Learn more about the recording the inventory purchase

brainly.com/question/10517302

3. Learn more about the journal entry for petty cash book

brainly.com/question/12990701

Answer details:  

Grade: Middle School

Subject: Accounts

Chapter: Journal Entries

Keywords: A $200, petty cash fund, $20, receipts, of $177,  journal entry to, replenish, the account, would include a credit, $20, Petty Cash, $190 Cash, Short and Over, $3, $180, petty cash fund, Replenishing petty cash.

You might be interested in
Scout Company sold $15.000 of merchandise in September with a three-month warranty. The cost to repair defects under warranty is
chubhunter [2.5K]

Answer: debit to Product Warranty Expense for $750

Explanation: 5% of $15000 =

5 ÷ 100 × $15000 is $750.

This is an expense and so will be a debit.

8 0
2 years ago
Top managers are responsible for the ultimate responsibilities within an organization,which include which of the following? (Cho
kondaur [170]

Answer:

The answer is establishment of organisational goals

Explanation:

The top managers set long-term goals and define strategies to achieve them. they make the decisions that affect the whole company such as financial investments, mergers and acquisitions, partnerships and strategic alliances, and changes to the brand or product line of the organization.

6 0
3 years ago
Which one of the following parties has ultimate control of a corporation?
mariarad [96]

E) Shareholders

Good luck!!!

7 0
3 years ago
Which section of a business plan contains special information that you only share with those who really need to know about it an
mylen [45]
The financial plan is a section of a business plan that is only shared with those who really need to know such as loan officials, lawyers & accountants. 
4 0
3 years ago
Read 2 more answers
Should I cover for my coworker who sneaks out
zheka24 [161]

no then you would get in trouble, but then again it would be nice for you to do it fir him. tell the boss that he needed to go do something if he gets cureas.(can't spell)

7 0
3 years ago
Other questions:
  • The team wanted to prevent customers from mistakenly choosing the hottest hot sauce and risking injury.Which of the following wo
    12·1 answer
  • Suppose the government raises income taxes, so consumers have less take-home pay. this policy action will cause a(n)
    13·1 answer
  • If you deposit $4,800 at the end of each of the next 20 years into an account paying 10.8 percent interest, how much money will
    8·1 answer
  • Which of the following is essential in a satisfying work environment?
    12·2 answers
  • After the end of the 2022 fiscal year but before financial statements were issued, Palladin Company learned that an arbitrator h
    7·1 answer
  • The Bureau of Labor Statistics reported the CPI stood at 215.9 in December 2009, while one year earlier it was 210.2. Suppose Ja
    6·1 answer
  • Which financial statement would best display a company's plant, property, and equipmnt used everyday
    5·1 answer
  • Net worth is the difference between your assets and your liabilities
    5·1 answer
  • Which herbs are useful from cosmetic point of view ? also name the products made from them<br>​
    11·1 answer
  • There are three elements that can vary in multimedia project estimates: time, money and people
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!