The entry establishing a $175 petty cash fund would include a:
A)debit to Cash for $175.
B)credit to Petty Cash for $175.
C)debit to Petty Cash for $175.
D)debit to Miscellaneous Expense for $175.

Question

Quizplus · Accepted Answer

The entry to establish a petty cash fund involves debiting the Petty Cash account for the amount of cash provided and crediting Cash for the same amount. Therefore, the correct answer is debit to Petty Cash for $175.

The Entry Establishing a $175 Petty Cash Fund Would Include