Gross Company established a $250 petty cash fund on January 1. On March 1, the fund contained $160 in receipts for miscellaneous expenses and $85 in cash. If the entries to record the disbursements and to replenish the fund are combined, what effect will the resulting entry have on the elements of the financial statements?
A. Decrease total assets by $165
B. No effect on total assets
C. Decrease stockholder's equity by $160
D. Increase stockholder's equity by $165
Answer: A
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