Question 7 A company has a petty cash fund amount of 300 Whe

Question 7 A company has a petty cash fund amount of $300. When replenished. it has petty cash tickets of $30 for gas expense, $33 for postage expense,$16 for supplies expense,and $12 for miscellaneous expenses. Assume the cash balance is not over or short In the journal entry Cash would be credited for O $79 O $75 O $91 2 pts Question 8 t currently has cash of $19 and with a $600 balance.It

Solution

Answer $ 91

Explanation

If cash balance is not over or short than it means that sum total of expenses will be credited to cash A/c .

Answer : Debit cash & over 118.

Explanation :

Please see the following Journal entry:

Travel Expense A/c Dr $100

Office Supplies Expenses Dr $285

Equipment rental Dr $ 78

Cash short & Over (bal fig) Dr $ 118

To cash A/c $581 (600-19)

Balance in the petty cash and expenses debited to cash a/c should be equal to 600. Any difference will be debited to Cash short & Over.