Multiple Choice
The journal entry on January 1 to record establishment of the petty cash fund includes a:
A) Credit to Cash of $750.
B) Credit to Petty Cash of $750.
C) Debit to Petty Cash Expense of $750.
D) No journal entry is necessary, since no cash of the company has been disbursed yet.
Correct Answer:
Verified
Correct Answer:
Verified
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