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The petty cash fund has a current balance of $100. Based on activity in the fund, it is determined ...

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The petty cash fund has a current balance of $100. Based on activity in the fund, it is determined ...

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

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 287 times

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H3Ko Author

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7 years ago

YES! Can't believe I got this one right. Appreciate the confirmation

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