Question: A company plans to decrease a $700 petty cash fund to $262.5. The current balance in the account includes $157.5 in receipts and $577.5

A company plans to decrease a $700 petty cash fund to $262.5. The current balance in the account includes $157.5 in receipts and $577.5 in currency. The entry to reduce the fund will include a: Multiple Choice Debit to Cash Short and Over for $35. Credit to Cash for $315. Credit to Petty Cash for $578. Debit to Cash for $315. Debit to Miscellaneous Expenses for $122.

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