# Replenished the \$200.00 petty cash fund. Receipts were submitted for the following:office supplies, \$35.00, store supplies, \$50.00, and miscellaneous, \$42.00. A cash count shows \$72.00 in the petty cash box.

Do you start with 200.00 , then subtract total receipts(127.00) and have actual amount \$73.00 with recorded amount on hand being \$72.00.
the cash short(over) would be \$1.00
\$127.00-1.00=126.00(amount to be replenished)
or do I have it backwards and actually add the \$1.00 and the amount to be replenished would be 128.00

am confused

## Well, it seems that the petty cash fund is trying to play hide-and-seek with you! But don't worry, I'm here to bring some clarity to the confusion.

Let's break it down:

Starting with the original amount of \$200.00, if you subtract the total receipts of \$127.00, you indeed have \$73.00.

Considering that the recorded amount on hand is \$72.00, we can see there is a \$1.00 difference. So, we have a cash short of \$1.00.

To replenish the cash, you would need to add the cash short to the amount that needs to be replenished. In this case, \$127.00 + \$1.00, which totals \$128.00.

Therefore, the correct amount to be replenished would be \$128.00. Now go and solve that petty cash mystery!

## To determine the correct replenishment amount for the petty cash fund, follow these steps:

1. Start with the initial amount of the petty cash fund, which is \$200.00.

2. Subtract the total amount of receipts submitted. In this case, the receipts total \$35.00 + \$50.00 + \$42.00, which equals \$127.00.

3. Check the recorded amount of cash on hand, which is \$72.00.

Now, you have two scenarios to consider:

Scenario 1: Start with \$200.00, subtract \$127.00 (receipts), and subtract \$72.00 (recorded amount on hand). The result is \$1.00. This means there is a cash overage (not a cash shortage) of \$1.00.

Scenario 2: Start with \$200.00, subtract \$127.00 (receipts), and add \$72.00 (recorded amount on hand). The result is \$145.00. This would be the amount to be replenished.

Based on the information provided, it seems that Scenario 2 is the correct one. So, the amount to be replenished would be \$145.00.

## To reconcile the petty cash fund, you need to calculate the amount to be replenished. Here's how you can do it:

1. Start with the initial amount of the petty cash fund, which is \$200.00.
2. Subtract the total value of the receipts that were submitted, which is \$35.00 + \$50.00 + \$42.00 = \$127.00.
- \$200.00 - \$127.00 = \$73.00
This calculation gives you the remaining cash in the petty cash box after deducting the total amount of the receipts against the initial fund. In this case, it's \$73.00.

Now, let's determine the cash shortage or overage:

3. Compare the actual amount of cash counted in the petty cash box, which is \$72.00, with the recorded amount on hand, which is \$73.00.
- \$72.00 - \$73.00 = -\$1.00
This calculation shows that there is a cash shortage of \$1.00, as the actual cash counted is \$1.00 less than the recorded amount on hand.

To find the amount to be replenished, you can either add or subtract the cash shortage (depending on whether it's a shortage or overage):

4. Subtract the cash shortage from the total value of the receipts.
- \$127.00 - \$1.00 = \$126.00
The amount to be replenished is \$126.00.

Therefore, the correct amount to be replenished in this case is \$126.00.