Assume that the custodian of a $540 petty cash fund has $92.50 in coins and currency...

Assume that the custodian of a $540 petty cash fund has $92.50 in coins and currency plus $436.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:

Multiple Choice

A debit to Cash for $426.
A debit to Cash Over and Short for $11.00.
A debit to Petty Cash for $436.50.
A credit to Cash for $436.50.
A credit to Cash Over and Short for $448.

Expert Solution

Cash shortage = $540 - 92.50 - 436.50 = $11.00

Reimbursement and credit to cash = $436.5 + 11.00 = $447.5

Account Titles	Debit	Credit
Expenses	$436.50
Cash Over and Short	$11
Cash		$447.5

A debit to Cash Over and Short for $11.00 is correct answer.

ekkarill92 answered 2 years ago

Assume that the custodian of a $450 petty cash fund has $61.90 in coins and currency...

Assume that the custodian of a $450 petty cash fund has $61.90 in coins and currency plus $383.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A credit to Cash for $388.10. A debit to Petty Cash for $383.00. A debit to Cash for $388.10. A debit to Cash for $377.90. A credit to Cash Over and Short for $5.10.

What could be the role of petty cash custodian in the operation of a petty cash...

What could be the role of petty cash custodian in the operation of a petty cash fund? Explain

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

A petty cash fund was established with a $ 600 balance. It currently has cash of $ 40 and petty cash tickets as shown below: Travel expense $ 100 Office supplies expense 250 Equipment rental expense 150 Which of the following would be included in the journal entry to replenish the Petty Cash fund?

The petty cash fund has a current balance of $ 350, which is the established fund...

The petty cash fund has a current balance of $ 350, which is the established fund balance. Based on activity in the fund, it is determined that the balance needs to be changed to $ 550. Which journal entry is needed to make this change? A. No journal entry is needed because this change only involves cash. B.Debit the Petty Cash account and credit the Cash account for $200. C.Debit the Cash account and credit the Petty Cash account for...

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70...

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70 cash and petty cash receipts of $420. The journal entry to replenish the fund includes: A debit to Cash for $70. A credit to Cash for $70. A debit to Cash Over and Short for $10 A credit to Cash Over and Short for $10. A credit to Petty Cash for $420 Fahad’s company had net sales of $50,000 and accounts receivable of $5,500....

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...

A $113 petty cash fund has cash of $18 and receipts of $81. Which of the...

A $113 petty cash fund has cash of $18 and receipts of $81. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Petty Cash for $81 credit to Cash for $113 debit to Cash for $18 debit to Cash Short and Over for $14

Silver Co. has a $370 petty cash fund. At the end of the firstmonth the...

Silver Co. has a $370 petty cash fund. At the end of the first month the accumulated receipts represent $60 for delivery expenses, $195 for merchandise inventory, and $29 for miscellaneous expenses. The fund has a balance of $86. The journal entry to record the reimbursement of the account includes a:Multiple ChoiceDebit to Petty Cash for $370.Debit to Cash Over and Short for $86.Credit to Cash Over and Short for $86.Credit to Cash for $284.Credit to Inventory for $195.

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to...

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a a. credit to Petty Cash for $120 b. debit to Cash for $120 c. credit to Cash Short and Over for $3 The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c.is for information purposes only d.is sent to the bank for verification Which one...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry to replenish the account would include a credit to Petty Cash for $43. Cash Over and Short for $13. Cash for $43. Cash for $56. A $124 petty cash fund has cash of $14 and receipts of $106. The journal entry to replenish the account would include a credit to Cash for $106. debit to Cash for $106. credit to Petty Cash for $110....

Question