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Manal Elkhoshkhany
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A company plans to decrease a $200 petty cash fund to $75.

Resolved Question:

A company plans to decrease a $200 petty cash fund to $75. The current balance in the account includes $45 petty cash payment in receipts and $165 in currency. what would be the entry to eliminate the fund
Submitted: 6 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 6 years ago.

Hello ,

$200.00 - 165.00 - 45.00 = $-10.00 cash overage
$125.00 - 45.00 + 10.00 = $90.00 debit to cash

Therefore the entry is:

Debit to Cash for $90.

Thank you

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