On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440.
MC33
On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440.
What entry would be required to record replenishment of the petty cash fund on December 31, 2020? (with solution)
a. Petty Cash — P3,640
Cash Short and Over — P80
Cash in Bank — P3,560
b. Miscellaneous Expense — P3,640
Cash Short and Over — P80
Petty Cash — P3,560
c. Miscellaneous Expense — P3,640
Cash Short and Over — P80
Cash in Bank — P3,560
d. Miscellaneous Expense — P3,560
Cash Short and Over — P80
Cash in Bank — P3,640
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