A Titusville petty-cash fund is authorized at $750. Receipts on hand total $312, and cash counted is $240. What replenishment amount is needed to restore the fund?
Correct Answer
B) $510
To restore an imprest petty-cash fund, reimburse the amount needed to bring cash back to the authorized fund balance.
Why This Is the Correct Answer
To restore an imprest petty-cash fund, reimburse the amount needed to bring cash back to the authorized fund balance.
Why the Other Options Are Wrong
Option A: $678
$678 is above the supported result for petty cash control; it likely adds an unsupported amount or compares the wrong financial base.
Option C: $312
$312 is below the supported result for petty cash control; it likely uses the wrong base, period, or account bucket.
Option D: $240
$240 is below the supported result for petty cash control; it likely uses the wrong base, period, or account bucket.
Memory Technique
Petty Cash drawer for Bookkeeper Reconciles: label restore before counting dollars.
Reference Hint
Open-book path: tab Builder's Guide to Accounting, 2001 to Business Administration, Petty Cash Controls; verify the record, approval, or control duty before selecting the answer.
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