A $100 petty cash fund has cash of $10 and receipts of $80. The journal entry to replenish the account would include a credit to

Name: A $100 petty cash fund has cash of $10 and receipts of $80. The journal entry to replenish the account would include a credit to
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

The petty cash fund needs to be replenished by the amount of cash spent, which is $90 ($100 fund - $10 cash remaining). Therefore, the credit entry should be to Cash for $90.

A $100 Petty Cash Fund Has Cash of $10 and Receipts