How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Manal Elkhoshkhany Your Own Question
Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Finance
Satisfied Customers: 9826
Experience:  More than 5000 online tutoring sessions.
Type Your Finance Question Here...
Manal Elkhoshkhany is online now
A new question is answered every 9 seconds

A company plans to decrease a $200 petty cash fund to $75.

Resolved Question:

A company plans to decrease a $200 petty cash fund to $75. The current balance in the account includes $45 petty cash payment in receipts and $165 in currency. what would be the entry to eliminate the fund
Submitted: 6 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 6 years ago.

Hello ,

$200.00 - 165.00 - 45.00 = $-10.00 cash overage
$125.00 - 45.00 + 10.00 = $90.00 debit to cash

Therefore the entry is:

Debit to Cash for $90.

Thank you

Manal Elkhoshkhany and other Finance Specialists are ready to help you

Related Finance Questions