A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180

A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7QY

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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 $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account?

Select the correct answer.

a-debit to Cash for $15

b-credit to Cash Short and Over for $15

c-credit to Petty Cash for $180

d-credit to Cash for $180

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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