A $114 petty cash fund has cash of $16 and receipts of $91. The journal entry to replenish the account would include a a. credit to Petty Cash for $91 Ob. credit to Cash for $114 Oc. debit to Cash for $16 Od. debit to Cash Short and Over for $7

A $114 petty cash fund has cash of $16 and receipts of $91. The journal entry to replenish the account would include a a. credit to Petty Cash for $91 Ob. credit to Cash for $114 Oc. debit to Cash for $16 Od. debit to Cash Short and Over for $7

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 7.4BE

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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 $114 petty cash fund has cash of $16 and receipts of $91. The journal entry to replenish the account
would include a
a. credit to Petty Cash for $91
b. credit to Cash for $114
c. debit to Cash for $16
d. debit to Cash Short and Over for $7

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Accounting for Cash and cash equivalents

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