A Petty Cash Fund Was Established with a $500 Balance

A petty cash fund was established with a $500 balance. It currently has cash of $20 and petty cash tickets as shown below. Which of the following would be the journal entry to replenish the Petty Cash account?

A) debit various expenses $480; credit Cash $480
B) debit various expenses $480; credit Petty Cash $480
C) debit Cash $20; credit various expenses $20
D) credit Petty Cash $480; debit Cash $480

Correct Answer:

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