Question

A $81 petty cash fund has cash of $23 and receipts of $71. The journal entry...

A $81 petty cash fund has cash of $23 and receipts of $71. The journal entry to replenish the account would include

a. credit to Cash Short and Over for $13

b. credit to Petty Cash for $71

c. credit to Cash for $81

d. debit to Cash for $23

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Answer #1

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Correct option is: A. Credit to cash short and over for $13
Workings:
Cash over and short
Petty cash $          81
Less:
Cash $          23
Receipts $          71
Cash short and over $         -13
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