multiple choice question brown co. decides to increase the amount in its petty cash fund from 100 to $150…

multiple choice question brown co. decides to increase the amount in its petty cash fund from 100 to $150. to show this increase in the petty cash account, you would: debit cash for $50. debit petty cash for $50. credit cash for $150. debit petty cash for $150.

multiple choice question brown co. decides to increase the amount in its petty cash fund from 100 to $150. to show this increase in the petty cash account, you would: debit cash for $50. debit petty cash for $50. credit cash for $150. debit petty cash for $150.

Answer

Explanation:

Step1: Understand petty - cash increase

When increasing the petty - cash fund, we need to record the increase in the Petty Cash account.

Step2: Determine the debit - credit rule

In accounting, an increase in an asset account (Petty Cash is an asset) is recorded as a debit. The amount of increase is $150 - 100=50$. So we debit Petty Cash for $50$.

Answer:

debit Petty Cash for $50.