Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The custodian of a $570 petty cash fund discovers that the fund has $102.50 in coins and currency plus $454.50 in receipts at the end
The custodian of a $570 petty cash fund discovers that the fund has $102.50 in coins and currency plus $454.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include :
A debit to Petty Cash for $454.50 .
A debit to Cash for $442.
A debit to Cash Over and Short for $13.00 .
A credit to Cash for $454.50.
credit to Cash Over and Short for $468.
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