A company has a petty cash fund amount of $200. When replenished, it has petty cash receipts of $15 for gas expense, $23 for postage expense, $18 for supplies expense and $12 for miscellaneous expenses. In the journal entry, Cash would be credited for:

Question

Quizplus · Accepted Answer

The total of the petty cash receipts is $68 ($15 + $23 + $18 + $12). When replenishing the petty cash fund, cash is credited for the total amount of expenses paid out, which is $68.

A Company Has a Petty Cash Fund Amount of $200