2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)

Question

Business

Mills

20 February, 21:09

2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)

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Answers (1)

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Cherish · Answer 1

Answer: incomplete question as the options are not given. The options are:

A. Fund amount is being reduced

B. Fund amount is being increased

C. Fund is being eliminated

D. Fund s being established

Explanation: The correct options are:

A. Fund amount is being reduced

C. Fund is being eliminated

From the above, a petty cash fund is an asset account and for an outflow from that account to be established, the petty cash account will be credited.