A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the account would include a Select one: a. credit to Cash Over and Short for $3. b. credit to Cash for $86. C. credit to Petty Cash for $1, d. The answer does not exist e. debit to Cash for $86

A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the account would include a Select one: a. credit to Cash Over and Short for $3. b. credit to Cash for $86. C. credit to Petty Cash for $1, d. The answer does not exist e. debit to Cash for $86

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the
account would include a
Select one:
a. credit to Cash Over and Short for $3.
b. credit to Cash for $86.
C.
credit to Petty Cash for $1.
d. The answer does not exist
e. debit to Cash for $86.
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A $ 205 petty cash fund has cash of $ 34 and receipts of $ 175. The journal entry to replenish the account would include a credit to Cash for $ 175. debit to Cash for $ 171. credit to Petty Cash for $ 171. credit to Cash Over and Short for $ 4.
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23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.
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