Mercury Company established a petty cash fund with a $600 balance. Which of the following statements is incorrect?
A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600.
B) There is no net effect on current assets.
C) The sum of the cash plus the total of the petty cash tickets should equal $600 at all times.
D) The petty cash custodian cashes a check for $600 and places the currency in the petty cash
fund box.
A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600.
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