Question

petty cash fund was established with a $380 balance. It currently has cash of $45 and petty cash tickets totaling $335. Which of the following would be included in the entry to replenish the fur A a debit to Petty Cash for 545 B. a credit to Cash for $45 OC a credit to Petty Cash for $335 OD. a debit to various expenses for $335 Click to select your answer

Answer 1

Answer -

D. a debit to various expenses for $335

Calculation:

Here,

Petty cash fund, beginning balance (at the time of establishment) = $380

Petty cash fund, ending balance (current cash balance) = $45

Petty cash tickets totaling (Payment made for various expenses) = $335 ($380 - $45)

Now,

Entry would be,

A debit to various expenses for $335 and a credit to cash for $335

	Debit	Credit
Various expenses	$335
Cash		$335