NettetA journal entry is needed to debit the Cash account and credit the Petty Cash account for $400. Petty cash is a fund containing a small amount of cash that is used to pay for … NettetA petty cash fund is used to pay relatively large amounts. False A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account …
How to Write a Check to Petty Cash Bizfluent
NettetThis video demonstrates how to prepare journal entries to establish and replenish a petty cash fund. NettetA $134 petty cash fund has petty cash on hand of $18 and receipts of $106. The journal entry to replenish the fund would include a a. debit to Cash for $18. b. debit to Cash Short and Over for $10. c. credit to Cash for $134. d. credit to Petty Cash for $106. Previous question Next question This problem has been solved! the sea god poseidon
Journal Entry for Imprest Petty Cash Fund Example - Accountingmark
Nettet29. nov. 2024 · Cash to replenish = Fixed imprest amount - Cash held Cash to replenish = 100 - 25 Cash to replenish = 75 The imprest petty cash journal entry would then be as follows: As can be seen the difference of 10 in this example has been written off to sundry expenses. NettetA $100 petty cash fund contains $92 in petty cash receipts, and $6.50 in currency and coins. The journal entry to record the replenishment of the fund would include a a. credit to Petty Cash for $93.50 b. credit to Cash for $92 c. debit to Cash Short and Over for $1.50d. credit to Cash Short and Over for $1.50 ANS: C DIF: Moderate OBJ: 07-06 Nettet29. nov. 2024 · In this case the calculation of the replenishment amount is as follows. Cash to replenish = Fixed imprest amount - Cash held Cash to replenish = 100 - 25 Cash … my physio services