On September 1, Russell Company established a petty cash fund with $300 cash

Accounting Apr 01, 2021

On September 1, Russell Company established a petty cash fund with $300 cash. A physical count of the petty cash fund on September 30 disclosed $49 in currency and coins. The petty cash vouchers are sorted as follows:

Employee meals

$75.00

Postage

95.00

Office supplies

83.00

What is the amount of the petty cash fund replenishment on September 30?

a.$251

b.$253

c.$300

d.Cannot determine from the information provided

Expert Solution

Computation of Amount of the Petty cash fund replenishment on September 30:

Petty cash fund replenishments = Opening cash fund - Closing cash fund
= $300 - $49
= $251

So, Amount of the Petty cash fund replenishment on September 30 is $251.

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