If I in the kids situation, I will admit my mistakes, as if there is a way to deny the lost of funds.  I will  not expect for my parents to trust me again but I will deeply apologize to them and would face any consequences and the responsibility and action needed for them to forgive me.

Trust once broken is hard to earn back but parents are forgiving, just give it a time and do whatever he can to appease the anger of his parents.  Be responsible and always be humble whenever our parents scolded us or asked us to do errands.  Since we are in the stage of earning back their trust, we should prove to them that we have changed and show them that we are trying our best to be a better person not in words but through the results of our actions.