7 8 Delete End P 19. The petty cash fund had an initial imprest balance of $ 300

Question

7 8 Delete End P 19. The petty cash fund had an initial imprest balance of $ 300. It currently has $55 and petty cash tickets totaling $260 for office supplies and travel expenses. The entry to replenish the fund would contain A credit to Cash Short& Over $300 c. a debit to Cash Short& Over $ 245 a. b. A credit to Cash Short & Over $15 d. a credit to Petty Cash $15 20. Two common subsidiary ledgers are: a. Accounts Receivable and Cash Receipts b. Sales and Cost of Goods Sold GAccounts Receivable and Accounts Payable d. Cash Payments and Accounts Payable ON 5 (20 POINTS

Explanation / Answer

19B A credit to Cash Short & Over $ 15 Explanation: petty cash balance $300 Less: Receipts (ticket for supplies and expenses) 260 Balnace in petty cash 55 Cash short and over ($15) Entry for replenishment Petty cash 260 Cash Short & Over 15 Cash 245 20C Accounts Receivable and Accounts Payable Explanation: Cash receipts and cash payments are journal, sales also comes in journal.

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