A company needs to replenish its $500 petty cash fund. Its petty cashbox has $75 cash and petty cash receipts of $420. The journal entry to replenish the fund includes: a. A debit to Cash for $75.b. A credit to Cash for $75. c. A credit to Petty Cash for $420.d. A credit to Cash Over and Short for $5.e. A debit to Cash Over and Short for $5.

Petty cash fund is maintained when the number of small cash expenses are in huge number for an…

Answered: a. A debit to Cash for $75. b. A credit…

a. A debit to Cash for $75. b. A credit to Cash for $75. c. A credit to Petty Cash for $420. d. A credit to Cash Over and Short for $5. e. A debit to Cash Over and Short for $5.

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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