A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount. Financial Accounting

A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount. Financial Accounting

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 6QY

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Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount.
Cash Over Or short amount?
Provide Answer to the Following Problem
If a petty cash fund is established in the amount of $200, and contains $119 in cash and $86 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts Select one: a. Cash, $81 b. Cash, s81; Cash Over and Short, $5 C. Petty Cash, $84. d. Petty Cash, $5.
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