Question

A $147 petty cash fund has cash of $21 and receipts of $132. The journal entry to replenish the account would include a a. credit to Cash Short and Over for $6 b. credit to Cash for $147 c. credit to Petty Cash for $132 d. debit to Cash for $21

Answer 1

Answer:

The answer is a). credit to Cash Short and Over for $6

Explanation:

REPLENISH ENTRY

Date account and explanation                debit credit

               Receipts                                                132  

               Cash over and short [(132+21) - 147]             6

               Cash                                                          126

               (To record replenishment)  

So answer is a). credit to Cash Short and Over for $6