Respuesta :
A $135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a - credit to cash short
Short credit can be found by =[tex]135-(120+18)=135-138=-3[/tex]
Hence, there is a credit short of $3
Answer:
The journal entry to replenish the account would include a credit to cash short or over for $3.
Step-by-step explanation:
It is given that a $135 petty cash fund has cash of $18 and receipts of $120.
Cash fund = $135
Cash = $18
Receipts = $120.
Cash short = Cash + Receipts - Cash fund
Cash short = $18 + $120 - $135
Cash short = $138 - $135
Cash short = $3
Therefore, the journal entry to replenish the account would include a credit to cash short or over for $3.
