Grimes Company established a $250 petty cash fund on January 1, 2013. On March 1, 2013 the fund contained $160 in receipts for miscellaneous expenses and $88 in cash. The entries necessary to replenish the petty cash fund will

Question

Quizplus · Accepted Answer

The entry to replenish the petty cash account will decrease assets (cash) by $162, increase miscellaneous expenses by $160 and increase cash short by $2. Total equity will decrease by $162.

Grimes Company Established a $250 Petty Cash Fund on January