Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated
Question:
Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. Based on this information, the amount of cash in the fund before the replenishment is:
Multiple Choice
$300.
$260.
$40.
$48.
$32
The custodian of a $450 petty cash fund discovers that the fund has $55.50 in coins and currency plus $390.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
Multiple Choice
A credit to Cash Over and Short for $4.50.
A debit to Petty Cash for $390.00.
A debit to Cash for $394.50.
A credit to Cash for $394.50.
A debit to Cash for $385.50.