A $88 petty cash fund has cash of $18 and receipts of $76. The journal entry to replenish the account would include a ? debit to Cash for $76. ? credit to Petty Cash for $76. ? credit to Cash for $76. ? credit to Cash Over and Short for $6.
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To do this, we subtract the cash on hand from the total receipts. Cash shortage/overage = Total receipts - Cash on hand Cash shortage/overage = $76 - $18 Cash shortage/overage = $58 Since the cash shortage is $58, we need to credit the Cash Over and Short Show more…
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