SassyCat, Inc. has a petty cash fund of $265. At the end of the month, $10 remains

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SassyCat, Inc. has a petty cash fund of $265. At the end of the month, $10 remains in the fund along with $258 in various receipts. The journal entry to replenish the fund would be to: A) debit various expenses, $258; debit Cash Short for $3 and credit Cash for $261. B) debit various expenses, $258; credit Cash Over for $3 and credit Cash for $255. C) debit Petty Cash for $255 and credit Cash for $255. D) debit various expenses, $258 and credit Cash for $258. Answer: Explanation: cash on hand + receipts - fund balance = cash over; ex: $10 + $258 - $265 = $3 over.

Posted Date: May 31, 2024 01:03 PM

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SassyCat, Inc. has a petty cash fund of $265. At the end of the month, $10 remains

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