Debit whichever account you take the money from to put into petty cash.
Example:
transfer cash from checking to petty cash
write check to deposit to petty cash
or
petty cash fund is replenished at the end of each month so that that all expenses are recorded in the moth they are incurred. Debit general and credit cash.
Petty cash: Debit
Cash: Credit
[Debit] Petty Cash account [Credit] Cash account
Dr Bank Account Cr Petty Cash Account
Dr Bank Account Cr Petty Cash Account
[Debit] Petty Cash account [Credit] Cash account
yes. the entry should be: petty cash fund debit cash in bank credit
Petty Cash is an asset account with a normal Debit balance.
Debit Petty cash account 1400 Credit Cash account 1400
Assuming you are asking about an "Imprest" Petty Cash account with a nominal balance of $174, an actual cash content of $25, and receipts representing $137 in legitimate purchases, the entry would be something like the following: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage" (or whatever it is called in your system): $12Credit Petty Cash: $149Note: Recognize Petty Cash Expense Debit Petty Cash: $149Credit Checking (or wherever you get the cash from): $149Note: Restore Petty Cash to Imprest level ($174) OR the composite equivalent entry: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage": $12Credit Checking: $149 Hope this helps
Debit: Profit & Loss Account Credit: Cash In Hand or Petty Cash Nature of Debit is Expense and the nature of Credit is Asset. Expense Increased and Asset Decreased If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense" In my cash I will pass the entry as Debit: Cash Lost Expense Credit: Cash in Hand or Petty Cash
credit
Debit petty cashCredit cash / bank
Petty Cash is a current asset (it both has value and is liquidated in less than 12 months). Since Petty Cash is an asset, its normal balance is a debit, as asset accounts are debits.