A $53 petty cash fund has cash of $24 and receipts of $37. The journal entry to replenish the account would include a

A. credit to Petty Cash for $37

B. credit to Cash for $53

C. credit to Cash Short and Over for $8

D. debit to Cash for $24

Question

Cora

Business

6 December, 16:16

A $53 petty cash fund has cash of $24 and receipts of $37. The journal entry to replenish the account would include a

A. credit to Petty Cash for $37

B. credit to Cash for $53

C. credit to Cash Short and Over for $8

D. debit to Cash for $24

+4

Answers (1)

Know the Answer?

Jacey Tucker · Answer 1

correct option is C. credit to Cash Short and Over for $8

Explanation:

given data

petty cash = $53

cash = $24

receipts = $37

solution

here credit to cash over and short that is

cash over and short = cash + receipts - petty cash ... 1

put here vale and we will get

cash over and short = $24 + $37 - $53

cash over and short = $8

so here correct option is C. credit to Cash Short and Over for $8

A $53 petty cash fund has cash of $24 and receipts of $37. The journal entry to replenish the account would include aA. credit to Petty Cash for $37B. credit to Cash for $53C. credit to Cash Short and Over for $8D. debit to Cash for $24

A $53 petty cash fund has cash of $24 and receipts of $37. The journal entry to replenish the account would include a

A. credit to Petty Cash for $37

B. credit to Cash for $53

C. credit to Cash Short and Over for $8

D. debit to Cash for $24