Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A $90 petty cash fund has cash of $16 and receipts of $72. The journal entry to replenish the account would include a credit

image text in transcribed

A $90 petty cash fund has cash of $16 and receipts of $72. The journal entry to replenish the account would include a credit to Cash for $72. debit to Cash Over and Short for $2. credit to Petty Cash for $74. debit to Cash for $72.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

78025915, 978-1259115400, 1259115402, 978-0078025914

More Books

Students also viewed these Accounting questions

Question

=+b) Is the trend term statistically significant?

Answered: 1 week ago