Question

A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to: Multiple Choice Debit Cash Over and Short for $43. Credit Cash Over and Short for $43. Debit Petty Cash for $43. Credit Petty Cash for $43. Debit Cash for $43.

Answer 1

Answer and Explanation:

Debit Cash Over and Short for $43 is the correct answer to the following question.

The company is getting less than $43 cash book and the balance of its cash book is also over, hence it will be assumed that the total cash in the company's cash book has been exhausted and its balance is coming down to $43.