A $250 petty cash fund has cash of $25 and receipts of $200.The journal entry to replenish the account would include a credit to

Name: A $250 petty cash fund has cash of $25 and receipts of $200.The journal entry to replenish the account would include a credit to
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The petty cash fund needs to be replenished by the amount of cash spent, which is $225 ($250 fund - $25 cash remaining). Therefore, the credit entry should be to Cash for $225.

A $250 Petty Cash Fund Has Cash of $25 and Receipts