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H3Ko H3Ko
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7 years ago
The petty cash fund has a current balance of $100.  Based on activity in the fund, it is determined that the balance needs to be changed to $700.  Which journal entry is needed to make this change?
A) Debit the Cash account and credit the Petty Cash account for $600.
B) Debit the Petty Cash account and credit the Cash account for $600.
C) No journal entry is needed because this change only involves cash.
D) Debit the Petty Cash account and credit the Cash account for $700.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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