Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A cheque was issued for the petty cash fund for $250 and was cashed. Management decided that the petty cash fund should be replenished when
A cheque was issued for the petty cash fund for $250 and was cashed. Management decided that the petty cash fund should be replenished when the balance in the cash box reaches $140. At the end of month, the balance in the petty cash account was $90. The totalled receipts showed the balance of $156. How is the cash over and short account recorded for month end? Select one:
a. Cash over and short is credited by $4.
b. Cash over and short is debited by $54.
c. Cash over and short is credited by $50.
d. Cash over and short is debited by $4.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started