Jupiter Service Company decides to increase the amount of the petty cash fund from $500 to $600.A journal entry must be made to debit the Cash account and credit the Petty Cash account for $100.

Question

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The journal entry for increasing the petty cash fund would be a debit to the Petty Cash account for $100 and a credit to the Cash account for $100.

Jupiter Service Company Decides to Increase the Amount of the Petty