Question
If a petty cash fund is established in the amount of $300, and contains $180 in cash and $115 in receipts for disbursements when it
If a petty cash fund is established in the amount of $300, and contains $180 in cash and $115 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts
a. Petty Cash, $90.
b. Petty Cash, $120.
c. Cash, $115; Cash Over and Short, $5.
d. Cash, $120.
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
Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
3rd Edition
0730364577, 978-0730364573
