Question

In: Accounting

The petty cash fund has a current balance of $ 350​, which is the established fund...

The petty cash fund has a current balance of $ 350​, which is the established fund balance. Based on activity in the​ fund, it is determined that the balance needs to be changed to $ 550. Which journal entry is needed to make this​ change?

A.

No journal entry is needed because this change only involves cash.

B.Debit the Petty Cash account and credit the Cash account for

$200.

C.Debit the Cash account and credit the Petty Cash account for

$200.

D.Debit the Petty Cash account and credit the Cash account for

$550.

Solutions

Expert Solution

Account Titles Debit Credit
Petty Cash ($550 - $350) $200
Cash $200

Option B is correct answer.

ekkarill92 answered 1 year ago
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