Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A) A debit to Cash for $382.
B) A credit to Cash Over and Short for $3.
C) A debit to Petty Cash for $385.
D) A credit to Cash for $385.
E) A debit to Cash for $450.
D) A credit to Cash for $385.
Explanation: $450.00 – $65 – $382 = $3.00 cash shortage
$450 – $65 = $385 cash reimbursement needed
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