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20 September, 00:39

A $175 petty cash fund has cash of $22 and receipts of $168. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $22 credit to Cash for $175 credit to Cash Short and Over for $15 credit to Petty Cash for $168

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  1. 20 September, 00:55
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    credit to Cash Short and Over for $15

    Explanation:

    Given that,

    Petty cash fund to be = $175

    Cash in hand (petty cash) = $22

    Expenses actually incurred:

    = Petty cash fund to be - Cash in hand (petty cash)

    = $175 - $22

    = $153

    Amount received = $168

    Cash short and over received:

    = Amount received - Expenses actually incurred

    = $168 - $153

    = $15 (Excess cash received)

    Therefore, credit to cash short and over for $15.
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