Question

A petty cash fund of $900 was established. The amount that is currently in the petty cash fund is $115. We issued a check based upon the following summary of petty cash receipts: store supplies, $550 and miscellaneous expense of $200. How much would the entry to cash over and short be

Answer 1

The cash over and short amount in the entry is: $35.

Preparation of the Journal entry to determine the amount that the entry to cash over and short would be:

a) Debit Petty Cash $900

Credit Cash $900

(To record petty cash)

b) Debit Store supplies $550

Debit  Miscellaneous expense  $200

Debit Cash over and short  $35

[$785 - ($550+$200)]

Credit Cash $785

($900-$115)

(To record Cash over and short )

Inconclusion the cash over and short amount in the entry is: $35.

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