A $100 petty cash fund has cash of $14 and receipts of $84. The journal entry to replenish the account would include a

Question

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The petty cash fund needs to be replenished to its original amount of $100. With $14 in cash and $84 in receipts, the total accounted for is $98, indicating a shortage of $2. Therefore, the credit to Cash should be $86 to cover both the receipts and the shortage.

A $100 Petty Cash Fund Has Cash of $14 and Receipts