Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The petty cash fund has a current balance of $630, which is the established fund balance. Based on activity in the fund, it is determined

image text in transcribed
The petty cash fund has a current balance of $630, which is the established fund balance. Based on activity in the fund, it is determined that the balance needs fo be changed to $810. Which journal entry is needed to make this change? A. Dobit the Petty Cash account and creot the Cash account for $180. B. Debit the Petty Cash account and credit the Cash account for $810. C. Dobit the Cash account and credit the Petty Cash account for $180. D. No joumal ontry is needed because this change only involves cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

7th Edition

1118725786, 978-1118725788

More Books

Students also viewed these Accounting questions

Question

Job type Retail sales, managerial, human resources, etc.

Answered: 1 week ago

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago