A $100 petty cash fund has cash of $9 and receipts of $85. The journal entry to replenish the account would include a credit to

Name: A $100 petty cash fund has cash of $9 and receipts of $85. 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 to its original amount of $100. Since there is $9 in cash, $91 is needed. Therefore, the credit entry should be to Cash for $91.

A $100 Petty Cash Fund Has Cash of $9 and Receipts