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18 December, 11:50

A $100 petty cash fund has a cash of $40 and valid receipts for $60. The entry to replenish the fund would include a:

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  1. 18 December, 12:14
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    A credit to cash account and a debit to petty cash.

    Explanation:

    In order to replenish the petty cash the entry must credit cash and debit petty cash while keepin a log of the expenses against the receipts.
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