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

Question

larisa [96]

3 years ago

5

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 Group of answer choices Cash for $20 Cash Short and Over for $3 Petty Cash for $190 Cash for $180

Business

1 answer:

sashaice [31] · Answer 1 · 2022-06-14T02:01:42+03:00

Answer: Cash for $180

Explanation:

The Petty Cash balance should be at a certain level necessary to cover petty cash expenses of the company. In this case that amount is $200. $20 is already in cash in the account and so will need to be topped up to get to $200.

= 200 - 20

= $180

$180 will take the balance back to $200. The Cash account would be credited of this $200 and the Petty Cash would be debited.