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The Petty Cash Fund Has a Current Balance of $250,which

Question 158

Multiple Choice

The petty cash fund has a current balance of $250,which is the established fund balance.Based on activity in the fund,it is determined that the balance needs to be changed to $600.Which journal entry is needed to make this change?


A) Debit the Petty Cash account and credit the Cash account for $600.
B) No journal entry is needed because this change only involves cash.
C) Debit the Petty Cash account and credit the Cash account for $350.
D) Debit the Cash account and credit the Petty Cash account for $350.

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