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5 October, 09:00

A $100 petty cash fund contains $91 in petty cash receipts and $11 in currency and coins. The journal entry to record the replenishment of the fund would include a

a. credit to Cash for $91.

b. credit to Cash Short and Over for $2.

c. credit to Petty Cash for $91.

d. debit to Cash Short and Over for $2.

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Answers (1)
  1. 5 October, 12:01
    0
    C

    Explanation:

    in the journal entry to replenish the petty cash fund, the expenses that this fund has paid must be recognized.

    so the first step is option C

    journal entry n 1

    Expenses (miscellaneous) $91.

    petty cash fund $91

    and then since the fixed fund has $ 11 in cash, its replacement is for $ 89 to reach the $ 100 fool

    journal entry n 2

    petty cash fund $ 89

    Cash $89
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