Asked by Mckenna Jakunskas on May 14, 2024
Verified
The credit recorded in the journal to replenish the petty cash fund is to:
A) Cash.
B) Petty Cash.
C) Accounts Receivable.
D) Miscellaneous Expense
Petty Cash Fund
A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.
Journal Entries
Records of financial transactions in the accounting system, where each transaction requires a debit and a credit.
- Identify correct journal entries for transactions related to petty cash, including replenishment and adjustments.
Verified Answer
RH
Rayan HassounaMay 15, 2024
Final Answer :
A
Explanation :
When replenishing the petty cash fund, the credit is made to the Cash account, reflecting the decrease in the company's cash balance as funds are moved to petty cash.
Learning Objectives
- Identify correct journal entries for transactions related to petty cash, including replenishment and adjustments.