Question

Meng company maintains a $360 petty cash fund. on January 31, the fund is replenished. the accumulated receipts on that date represent $92 for office supplies, $184 for merchandise inventory, and $32 for miscellaneous expenses. there is a cash shortage of $11. based on this information, the amount of cash in the fund before the replenishment is:

a. $297
b. $308
c. $360
d. $371

Answer 1

The amount of cash in the fund before the replenishment is $319.

Step-by-step explanation:

To determine the amount of cash in the fund before the replenishment, we need to subtract the accumulated receipts from the replenishment amount. The accumulated receipts total $92 + $184 + $32 = $308. The replenishment amount is the sum of the accumulated receipts plus the cash shortage, which is $308 + $11 = $319. Therefore, the amount of cash in the fund before the replenishment is $319.