Aspen Inc. has a petty cash fund of $265. At the end of the month, $10 remains in the fund along with $248 in various receipts. The journal entry to replenish the fund would show a debit(s)to:

Question

Quizplus · Accepted Answer

The correct journal entry to replenish the fund includes debiting various expenses for the amount of the receipts ($248) and recognizing the shortage in cash ($7, which is the difference between the fund total of $265 and the sum of remaining cash and receipts, $10 + $248 = $258) by debiting Cash Short.

Aspen Inc Has a Petty Cash Fund of $265