XYZ Co. decided to create a petty cash fund. They estimated that $100 would be...
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Accounting
XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Demonstrate the correct journal entry to create the account by choosing the correct action from those below.
Multiple choice question.
A. Petty Cash is debited for $100.
B. Petty Cash is credited for $100.
C. Cash is debited for $100.
D. Miscellaneous Expense is debited for $100.
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