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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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 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.

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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answer in text form please (without image), Note: .Every entry should have narration please
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