Hello, I need help with the following question(s): Exam3 xC Chegg Study Guided S

Question

Hello, I need help with the following question(s):

Exam3 xC Chegg Study Guided Sol X ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Exam 3 Saved Help Save & Exit Submit 4 MC Qu. 109 Assume that the custodian... Assume that the custodian of a $555 petty cash fund has $9750 in coins and currency plus $445.50 in receipts at the end of the month. The entry to replenish the petty cash fund will Include pcinis 01:55 03 Multiple Choice A debit to Cssh for $434 A debit to Cash Over and Short for $12.00 A deb Petty Cash for $445.50 Mc Graw KPrex 4 of 23 Next > 800 PM O Type here to search R ^ 41)) 7/24/2018

Explanation / Answer

(1) The entry to replenish the petty cash fund will include :-

   555 – 97.50 = $457.5 or 458

A credit to cash Over & Short for $458

(2) Debit Cash Over and Short for $49

(3) Deduct the check amount from the bank balance

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