$54 petty cash fund has cash of $19 and receipts of $24. The journal entry to replenish the account would include a a.credit to Petty Cash for $24. b.debit to Cash Short and Over for $11. c.credit to Cash for $54. d.debit to Cash for $19.

$54 petty cash fund has cash of $19 and receipts of $24. The journal entry to replenish the account would include a a.credit to Petty Cash for $24. b.debit to Cash Short and Over for $11. c.credit to Cash for $54. d.debit to Cash for $19.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2EA: Record the following transactions: A. Started a petty cash fund in the amount of $200. B....

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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 $54 petty cash fund has cash of $19 and receipts of $24. The journal entry to replenish the account would include a

a.credit to Petty Cash for $24.

b.debit to Cash Short and Over for $11.

c.credit to Cash for $54.

d.debit to Cash for $19.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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