Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
A $100 petty cash fund has cash of $16 and receipts of $82. The journal entry to replenish the account would include a debit to Cash Over and Short for $2.
What is the Cash Over and Short Account?
The primary use of the cash over and short account is in cash-intensive retail or banking environments, as well as for the handling of petty cash.
- The cash over and short account is an account in the general ledger.
- The account stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand, plus or minus any recorded cash transactions during the period.
- The cash over and short account is an excellent tool for tracking down fraud situations
Learn more about cash over and short accounts here:
https://brainly.com/question/14447112
#SPJ4
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.
