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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The entry to establish the Change Fund includes which of the following?

  1. a. Debit to Cash
  2. b. Debit to Change Fund
  3. c. Credit to Change Fund
  4. d. Debit to Petty Cash
  5. e. Credit to Petty Cash

To determine

Find the correct option, the option that indicates the correct journal entry for the given transaction.

Explanation

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

  • Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
  • Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

Prepare journal entry for the issue of check for change fund establishment.

DateAccount Titles and ExplanationPost. Ref...

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