Question Content Area A $178 petty cash fund has petty cash on hand of $25 and receipts of $139. The journal entry to replenish the fund would include a a. debit to Cash Short and Over for $14. b. credit to Petty Cash for $139. c. debit to Cash for $25. d. credit to Cash for $178.

Question Content Area A $178 petty cash fund has petty cash on hand of $25 and receipts of $139. The journal entry to replenish the fund would include a a. debit to Cash Short and Over for $14. b. credit to Petty Cash for $139. c. debit to Cash for $25. d. credit to Cash for $178.

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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Question

Question Content Area

A $178 petty cash fund has petty cash on hand of $25 and receipts of $139. The journal entry to replenish the fund would include a

a. debit to Cash Short and Over for $14.

b. credit to Petty Cash for $139.

c. debit to Cash for $25.

d. credit to Cash for $178.

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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