select all that apply jackson co. needs to replenish its petty cash fund. currently, it contains $5 in cash…

select all that apply jackson co. needs to replenish its petty cash fund. currently, it contains $5 in cash and receipts for supplies of $40 and delivery expenses of $49. the fund was initially established with $100. demonstrate the journal entry to replenish the account and recognize the cash shortage by choosing the correct actions from those given below. (check all that apply.) cash is credited for $95. petty cash is debited for $95. cash over and short is credited for $6. delivery expense is debited for $49. petty cash is credited for $95. cash over and short is debited for $6. supplies expense is debited for $40. cash is credited for $89.

select all that apply jackson co. needs to replenish its petty cash fund. currently, it contains $5 in cash and receipts for supplies of $40 and delivery expenses of $49. the fund was initially established with $100. demonstrate the journal entry to replenish the account and recognize the cash shortage by choosing the correct actions from those given below. (check all that apply.) cash is credited for $95. petty cash is debited for $95. cash over and short is credited for $6. delivery expense is debited for $49. petty cash is credited for $95. cash over and short is debited for $6. supplies expense is debited for $40. cash is credited for $89.

Answer

Brief Explanations:

  1. First, calculate the total of expenses: Supplies expense of $40 + Delivery expense of $49 = $89.
  2. The petty - cash fund was initially $100 and has $5 cash left. So, the amount needed to replenish is $100 - $5= $95.
  3. The actual expenses are $89, so there is a cash shortage of $95 - $89 = $6.
  4. When replenishing the petty - cash fund, we debit the expense accounts (Supplies Expense for $40 and Delivery Expense for $49), debit Cash Over and Short for the shortage amount ($6), and credit Cash for the amount needed to replenish ($95).

Answer:

  • Cash is credited for $95.
  • Delivery Expense is debited for $49.
  • Cash Over and Short is debited for $6.
  • Supplies Expense is debited for $40.