Mercury Company established a petty cash fund with a $300 balance. Which of the following statements is incorrect? O A. There is no net effect on current assets. B. The sum of the cash plus the total of the petty cash tickets should equal $300 at all times. OC. The petty cash custodian cashes a check for $300 and places the currency in the petty cash fund box. D. A journal entry is needed to debit the Cash account and credit the Petty Cash account for $300.
