JournaldrillReplenishing petty cash
A journal entry exercise from Journaldrill. Solve it with an account picker and debit and credit fields in your browser, and it is checked the moment you submit.
The task
Quarry Street Dental keeps a $300 petty cash fund. At month end the fund holds receipts for postage of $46.25, office supplies of $78.40 and delivery charges of $52.10, plus $119.75 of cash. The custodian receives a check to bring the fund back to $300. Record the replenishment.
What this exercise teaches
Cash needed is $300 - $119.75 = $180.25, but receipts total only $46.25 + $78.40 + $52.10 = $176.75. The $3.50 shortage is debited to Cash Over and Short.
A hint if you get stuck
Expense each receipt, credit the bank account for the check, and treat any unexplained difference as an over or short; the fund's own balance does not change.
This exercise is part of Pro
Pro unlocks all 54 exercises, with worked solutions and progress saved to your account. The free exercises work without an account.
You create a free account first, so Pro is attached to it.
Monthly is charged today and then every month until you cancel, in one click from your account page. Lifetime is one payment with no renewals. Full refund within 14 days of paying.