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At the end of the month, ABC Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $44. It started out with $100 in the fund at the beginning of the month. Demonstrate the journal entry to replenish the account and recognize its shortage by choosing the correct action from those given below.
A. Petty Cash is debited for $96.
B. Cash is credited for $98.
C. Cash is credited for $94.
D. Cash is credited for $96.

Sagot :

PeterPan58
ANSWER:
D. Cash is credited for $96.

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