A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is:
A. Debit Miscellaneous Expenses $25.00; credit Cash $25.00.
B. Debit Petty Cash for $75.00; debit Cash Over and Short $175.00; credit Cash $200.00.
C. Debit Cash Over and Short for $12.50; credit Petty Cash $12.50.
D. Debit Cash $125.00; credit Petty Cash $125.00.
E. Debit Petty Cash $100.00; credit Cash $100.00.
Answer: D
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