Z-Mart had $43 in missing petty cash receipts. The correct procedure is to Debit Cash Over and Short for Credit Cash Over and Short for Debit Petty Cash for $43. Z-Mart plans to eliminate a $200 petty cash fund. The current balance in the fund will include a Debit to Cash Short and Over for $65. A bank statement includes the beginning and outstanding checks, as well as the amount of petty cash.
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Z-Mart had $43 in missing petty cash receipts. This means that there are $43 worth of expenses that were paid for using petty cash, but there are no receipts to account for them. To correct this, we need to debit the Cash Over and Short account for $43. Show more…
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The petty cash fund of Guiguinto Company on December 31 is composed of the following: Coins and currencies: P14,000 Petty cash vouchers: Gasoline payments: P3,000 Supplies: P1,000 Cash advances to employees: P2,000 Employee's check returned by bank marked NSF: P5,000 Check drawn by the company payable to the order of the petty cash custodian, representing her salary: P20,000 A sheet of paper with names of employees together with contribution for a birthday gift of a co-employee in the amount of P8,000 Total: P53,000 The petty cash ledger account has an imprest balance of P50,000.
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a petty cash fund of $200 has $27 in cash, $170 in petty cash vouchers, and $3 in miscellaneous receipts not included with the petty cash vouchers. The debit to the cash short and over would be
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