Riley's Limousines' entry to establish a $75 petty cash fund for the office would include a:

Question

Quizplus · Accepted Answer

Establishing a petty cash fund involves taking money from the main cash account and putting it into a separate petty cash account. Therefore, the entry needs to include a credit to Cash for $75 to reduce the amount in the main cash account. There is no need for a debit or credit to Petty Cash or Office Expense at this point.

Riley's Limousines' Entry to Establish a $75 Petty Cash Fund