The petty cash fund had an initial imprest balance of $230. It currently has $15 in cash, $3 in miscellaneous petty cash tickets, and an additional $207 in specific petty cash tickets. The debit to Cash Short & Over would be ________.

Question

Quizplus · Accepted Answer

The total of cash and tickets ($15 + $3 + $207 = $225) is $5 less than the initial imprest balance of $230, indicating a $5 shortage that should be debited to Cash Short & Over.

The Petty Cash Fund Had an Initial Imprest Balance of $230