24 Violet Company established a petty cash fund of $250. What journal entry should be made to establish the pettycash fund?Multiple ChoiceAccountAdministrative ExpenseCashO AccountPetty CashCashO AccountAdministrative ExpensePetty CashO AccountCashPetty CashDebitDebitDebitDebit250250250250CreditCreditCreditCredit250250250250

Petty cash refers to a small amount of funds that is aside from the amount of cash balance to…

Answered: blished a petty cash fund of $250. What…

Business

Accounting

blished a petty cash fund of $250. What journal entry should be made to e nt Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Violet Company established a petty cash fund of $250. What journal entry should be made to establish the petty
cash fund?
Multiple Choice
Account
Administrative Expense
Cash
O Account
Petty Cash
Cash
O Account
Administrative Expense
Petty Cash
O Account
Cash
Petty Cash
Debit
Debit
Debit
Debit
250
250
250
250
Credit
Credit
Credit
Credit
250
250
250
250

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