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30 June, 23:46

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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  1. 30 June, 23:48
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    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.
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