if-a-petty-cash-fund-shows-80-in-receipts-but-only-75-in-cash-how-should-the-dis

Question

If a petty cash fund shows $80 in receipts but only $75 in cash, how should the discrepancy be recorded?

Accepted Answer

Debit Cash Over and Short $5

Answer

Credit Petty Cash $5

Answer

Credit Cash Over and Short $5

Answer

Debit Petty Cash $5

If a petty cash fund shows \$80 in receipts but only \$75 in cash, how should the discrepancy be recorded?