multiple choice question jackson brothers decided to create a petty cash fund. they estimated that $200…

multiple choice question jackson brothers decided to create a petty cash fund. they estimated that $200 would be needed in the fund. demonstrate the correct journal entry to create the account by choosing the correct action from those below. cash is debited for $200; petty cash is credited for $200. petty cash is debited for $200; cash is credited for $200. petty cash is credited for $200; miscellaneous expense is debited for $200. miscellaneous expense is debited for $200; cash is credited for $200.

multiple choice question jackson brothers decided to create a petty cash fund. they estimated that $200 would be needed in the fund. demonstrate the correct journal entry to create the account by choosing the correct action from those below. cash is debited for $200; petty cash is credited for $200. petty cash is debited for $200; cash is credited for $200. petty cash is credited for $200; miscellaneous expense is debited for $200. miscellaneous expense is debited for $200; cash is credited for $200.

Answer

Brief Explanations:

When creating a petty - cash fund, the petty - cash account is increased (debited) and the cash account is decreased (credited) by the amount of the fund. Here, the amount of the petty - cash fund is $200.

Answer:

Petty Cash is debited for $200; Cash is credited for $200.