Question
If a petty cash fund is established in the amount of $250, and contains $153 in cash and $94 in receipts for disbursements when it
If a petty cash fund is established in the amount of $250, and contains $153 in cash and $94 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts
Petty Cash, $94
Cash, $97
Petty Cash, $97
Cash, $94; Cash Over and Short, $3
Step by Step Solution
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Step: 1
Journal entry to record the replenishment debit the petty cash ...
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Step: 2
Step: 3
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
