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A company writes a replenishment cheque for the petty cash fund and the journal entry...

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Accounting

A company writes a replenishment cheque for the petty cash fund and the journal entry to record this includes a credit of $1 to an account that is reported as 'Miscellaneous Expense/Revenue' on the income statement. What is the most likely reason for this credit?

  1. the cash count was lower than the amount of cash receipts by $1
  2. the cash count was higher than the cash receipts by $1
  3. there was a cash receipt of $1 into the petty cash fund
  4. the cash count was higher than the cash receipts by $.50

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