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A petty cash fund of $200 has $17 in cash, $180 in petty cash vouchers, and $3 in miscellaneous receipts not included with the petty cash vouchers. The debit to the Cash Short and Over would be

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Answer:

$183

Explanation:

The complete journal entry should be:

  • Dr Cash Short and Over account 183
  • Cr Cash account 183

The cash short and over account is an income statement account that is used to record excess or shortage of cash. A non-banking company will usually use it to record unexplained differences when a petty cash fund is replenished.

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