A petty cash fund was established with a $600 balance. It currently has cash of $18...

A petty cash fund was established with a $600 balance. It currently has cash of $18 and petty cash tickets as shown below:

Travel expense	$101
Office supplies expense	285
Equipment rental expense	79

Which of the following would be included in the journal entry to replenish the Petty Cash fund?

a	credit to Cash Short & Over for $117
b	debit to Cash Short & Over for $117
c	debit to Petty Cash for $117
d	credit to Petty Cash for $117

Expert Solution

Petty cash beginning balance = $600

Total cash expenses = Travel expense + Office supplies expense + Equipment rental expense

= 101 + 285 + 79

= $465

Remaining cash = $18

Cash Short & Over = Petty cash beginning balance - Total cash expenses - Remaining cash

= 600 - 465 - 18

= $117

Hence, there is cash shortage of $117.

Journal entry to replenish the Petty Cash fund will include a debit to Cash Short & Over $117

Correct option is (b)

ekkarill92 answered 3 years ago

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