Meng Co.maintains a $300 petty cash fund.On January 31,the fund is replenished.The accumulated receipts on that date represent $80 for office supplies,$160 for merchandise inventory,and $20 for miscellaneous expenses.There is a cash shortage of $8.Based on this information,the amount of cash in the fund before the replenishment is:

Question

Quizplus · Accepted Answer

The total expenses are $80 + $160 + $20 = $260. The cash shortage is $8, so the total cash outflow is $260 + $8 = $268. Since the fund was originally $300, the cash remaining before replenishment is $300 - $268 = $32.

Meng CoMaintains a $300 Petty Cash Fund