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At the end of the accounting period, the petty cash fund of Flibbert Co. contains the following: Receipts for $184 of di...

At the end of the accounting period, the petty cash fund of Flibbert Co. contains the following: Receipts for $184 of disbursements ($100 for postage, $60 for local taxi fares and $24 for meeting expenses). Cash remaining in the fund is $18. Based on this information, answer the following question: If after replenishment, the authorized amount is increased to $250 by much would petty cash be debited.

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Answer #1

If after replenishment, the authorized amount is increased to $250 by much would petty cash be debited.

Ans $ Cash would be debited by $232.

Explanation:

The current balance in Petty Cash is $18. To increase it to $ 250 company need to debit Petty Cash for the additional $232 and credit Cash for $232.

Journal Entry:

Date Account Name Debit Credit
( 1) Petty Cash $232
To Cash $232
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