question archive A $150 petty cash fund has cash of $44 and receipts of $93

A $150 petty cash fund has cash of $44 and receipts of $93

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A $150 petty cash fund has cash of $44 and receipts of $93. The journal entry to replenish the account would include a

  1. credit to Petty Cash for $49.
  2. debit to Cash for $93.
  3. debit to Cash Over and Short for $13.
  4. credit to Cash for $44.

 

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Answer:

C .

Step-by-Step explanation

Petty cash fund = $150

Cash fund = $44

Receipts = $93

Cash short of = $93+$44 -$150 = -$13

Journal entry would be:

Cash over and short account...................$13

                  To cash account........................................$13

 

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