The Petty Cash Fund Has a Current Balance of $200

The petty cash fund has a current balance of $200.Based on activity in the fund,it is determined that the balance needs to be changed to $400.Which journal entry is needed to make this change?

A) Debit the Petty Cash account and credit the Cash account for $400.
B) No journal entry is needed because this change only involves cash.
C) Debit the Petty Cash account and credit the Cash account for $200.
D) Debit the Cash account and credit the Petty Cash account for $200.

Correct Answer:

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