Assume a company holds a $200 Petty Cash fund. It expends $135 as follows: $60 for...
Assume a company holds a $200 Petty Cash fund. It expends $135 as follows: $60 for delivery expenses, $40 for postage, $35 for office supplies. There is $30 of cash remaining in the fund. The accountant wishes to reduce the petty cash fund to $175. The journal entry to replenish the petty cash fund and reduce the balance of the fund includes
A credit to Office supplies expense for $35
A debit to Cash over/short for $15
A credit to cash for $145
Homework Answers
Replenishment
| Date | account and explanation | debit | credit |
| Delivery texpense | 60 | ||
| Postage | 40 | ||
| Office supplies | 35 | ||
| Cash short and over | 10 | ||
| Cash | 145 | ||
| (To record replenishment) | |||
So answer is A credit to Cash for $145
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Assume a company holds a $200 Petty Cash fund. It expends $135
as follows: $60 for...
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