On 1 July 20X1 the MountainTop Hotel Established a Petty

On 1 July 20X1 the MountainTop hotel established a petty cash fund with an imprest balance of $300. At the end of the month there was $160 in petty cash and four taxi receipts and vouchers totalling $140. The accounting entry to record the replenishment of the petty cash fund is:

A) Debit Accounts Payable; Credit Petty Cash
B) Debit Petty Cash; Credit Cash at Bank
C) Debit Taxi Expenses; Credit Petty Cash
D) Debit Taxi Expenses; Credit Accounts Payable
E) Debit Taxi Expenses; Credit Cash at Bank

Correct Answer:

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