The petty cash fund had an initial imprest balance of $200. It currently has $17 in cash, $3 in miscellaneous cash receipts and an additional $180 in specific cash receipts. The debit to Cash Short & Over would be:
A)$0.
B)$17.
C)$180.
D)$183.

Question

Quizplus · Accepted Answer

The total cash and receipts should equal the imprest balance of $200. The current cash and receipts total $200 ($17 cash + $3 miscellaneous receipts + $180 specific receipts), so there is no cash short or over.

The Petty Cash Fund Had an Initial Imprest Balance of $200