The petty cash fund had an initial imprest balance of $ 220. It currently has $ 18 in cash, $ 3 in miscellaneous petty cash tickets, and an additional $ 191 in specific petty cash tickets. The debit to Cash Short & Over would be :

Question

Imani Moran

Business

15 April, 21:20

The petty cash fund had an initial imprest balance of $ 220. It currently has $ 18 in cash, $ 3 in miscellaneous petty cash tickets, and an additional $ 191 in specific petty cash tickets. The debit to Cash Short & Over would be :

+1

Answers (1)

Know the Answer?

Tamia Dougherty · Answer 1

The debit to Cash Short & Over would be : $ 8

Explanation:

Particulars Debit Credit

Cash $ 18

Miscellaneous $ 3

Additional Tickets $ 191

Cash Over and Short $ 8

Petty Cash Fund $ 220

Sometimes a petty cashier fails to get a receipt for a payment or over pays for the amount due. When this occurs and the fund is later reimbursed the petty cash payments report plus the cash remaining will not total to the fund balance. This mistake causes the fund to be short. This shortage is recorded as an expense in the reimbursing entry with a debit to Cash Short & Over.