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The Entry to Replenish the Petty Cash Fund Included a Debit

Question 171

Multiple Choice

The entry to replenish the petty cash fund included a debit to Equipment instead of Supplies for the purchase of supplies. This would cause

A) petty cash to be overstated.
B) petty cash to be understated.
C) assets to be overstated.
D) supplies to be understated.

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