Question

A company has a petty cash fund amount of $ 200. When​ replenished, it has petty cash tickets of $ 30 for gas​ expense, $ 31 for postage​ expense, $ 15 for supplies​ expense, and $ 10 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal​ entry, Cash would be credited for​

Answer 1

$86

Step-by-step explanation:

When a company incurs an expense and pays with cash, the entries required are Debit expense and Credit Cash.

As such, for each expense incurred, the corresponding credit would go to the petty cash account.

Total expense = $30 + $31 + $15 + $10

= $86

Cash would be credited for​ $86