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28 November, 02:55

The petty cash fund had an initial imprest balance of $ 100. It currently has $ 20 and petty cash tickets totaling $ 75 for office supplies. The entry to replenish the fund would containa. a credit to Cash Short & Over for $5. b. a credit to Petty Cash for $80. c. a debit to Cash Short & Over for $5. d. a debit to Petty Cash for $80.

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  1. 28 November, 06:42
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    c. a debit to Cash Short & Over for $5

    Explanation:

    Given information

    Initial imprest balance = $ 100

    Ending cash balance = $20

    Office supplies = $75

    So, the remaining balance would be

    = Initial imprest balance - Ending cash balance

    = $100 - $20

    = $80

    The journal entry would be

    Office supplies A/c Dr $75

    Cash Short & Over A/c Dr $5

    To Petty cash A/c $80

    (Being the replenish the fund is recorded)
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