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Assume that the custodian of a $600 petty cash fund has $112.50 in coins and currency plus $472.50 in receipts at the end of the month. the entry to replenish the petty cash fund will include:

Sagot :

The entry to replenish the petty cash fund will be to record the petty cash of $472.50 replenished with the shortage of $15.

What is petty cash?

Petty cash is a small amount of cash kept in the company for minor cash needs. This amount kept as petty cash is taken for small expenses made by the company.

Petty cash fund in the beginning balance= $600

coins and currency in the ending balance= $112.50

receipts at the end of the month= $472.50

Cash needed to replenish the petty cash= Petty cash fund in the beginning balance - coins and currency in the ending balance

= $600 - $112.50

= $487.50

The entry to replenish the petty cash fund will be $487.50

To learn more about petty cash, refer to,

https://brainly.com/question/22520039

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