Question: A company wants to decrease its $200.00 petty cash fund to $100.00. The entry to reduce the fund is Multiple Choice Debit Petty Cash
A company wants to decrease its $200.00 petty cash fund to $100.00. The entry to reduce the fund is Multiple Choice Debit Petty Cash for $100.00, debit Cash Over and Short $177.00, credit Cash $200.00. e Debit to Cash $100.00, credit Petty Cash $100.00 0 Debit Petty Cash $77.00. credit Cash $77.00 Debit Miscellaneous Expenses $23.00 credit Cash $23.00 Debit Cash Over and Short for $9.50% credit Petty Cash $9.50
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