The entry establishing a $220 petty cash fund would include a:
A) debit to Cash for $220.
B) credit to Petty Cash for $220.
C) debit to Petty Cash for $220.
D) debit to Miscellaneous Expense for $220.

Question

Quizplus · Accepted Answer

A petty cash fund is established by debiting the Petty Cash account and crediting Cash, indicating an increase in the Petty Cash fund and a decrease in the company's Cash account.

The Entry Establishing a $220 Petty Cash Fund Would Include