Item2

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Item 2

Assume that the custodian of a $675 petty cash fund has $137.50 in coins and currency plus $517.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:

Multiple Choice

• A debit to Cash Over and Short for $20.00.

• A credit to Cash Over and Short for $538.

• A credit to Cash for $517.50.

• A debit to Cash for $498.

• A debit to Petty Cash for $517.50.