Answered: A $73 petty cash fund has cash of $17…

Business

Accounting

A $73 petty cash fund has cash of $17 and receipts of $66. The journal entry to replenish the account would include a

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 4CE

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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 $73 petty cash fund has cash of $17 and receipts of $66. The journal entry to replenish the account would include a

a.credit to Cash for $73

b.credit to Petty Cash for $66

c.credit to Cash Short and Over for $10

d.debit to Cash for $17

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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Accounting for Cash and cash equivalents

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