Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The original petty cash fund was established for $350. The company decides to decrease the fund by $50, leaving a total petty cash fund

image

The original petty cash fund was established for $350. The company decides to decrease the fund by $50, leaving a total petty cash fund of $300. What journal entry would need to be made on the company's books to record the decrease in the fund? Petty Cash Cash To reduce petty cash fund Cash Account Titles Miscellaneous Revenue To reduce the petty cash fund Petty Cash Account Titles Miscellaneous Expense Cash Petty Cash Account Titles To reduce the petty cash fund Account Titles To reduce the petty cash fund Debit 50 Debit 50 Debit 50 Debit 50 Credit 50 Credit 50 Credit 50 Credit 50

Step by Step Solution

3.51 Rating (164 Votes )

There are 3 Steps involved in it

Step: 1

To record the decrease in the petty cash fund from 350 to 300 we ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions