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10 October, 03:18

A company wants to decrease its $200 petty cash fund to $175. the entry to reduce the fund is:

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  1. 10 October, 03:32
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    What is Petty cash? It is a small quantity of cash at hand that is used for reimbursing small amounts payable, rather than writing a check. Petty cash is also known as a petty cash fund.

    To record the reduce the fund is:

    Debit Cash - 25

    Credit Petty Cash Fund - 25
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