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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

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Answers (1)
  1. 6 December, 16:46
    0
    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
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