Question: A company plans to decrease a $1,600 petty cash fund to $600.0. The current balance in the account includes $360.0 in receipts and $1,320.0 in

A company plans to decrease a $1,600 petty cash fund to $600.0. The current balance in the account includes $360.0 in receipts and $1,320.0 in currency. The entry to reduce the fund will include a:

Multiple Choice

Debit to Cash for $720.

Debit to Cash Short and Over for $80.

Credit to Petty Cash for $1,320.

Credit to Cash for $720.

Debit to Miscellaneous Expenses for $280.

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