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Is a debit to petty cash money that is taken out of petty cash?
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∙ 14y ago
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Wiki User
∙ 14y ago
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Is the entry to establish a petty cash account a debit to petty cash and credit to cash?
yes. the entry should be: petty cash fund debit cash in bank credit
What is journal entry for petty cash?
Debit petty cashCredit cash / bank
How do you establish the journal entry for petty cash?
[Debit] Petty Cash account [Credit] Cash account
Issued a check to establish a petty cash fund of 1400?
Debit Petty cash account 1400 Credit Cash account 1400
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
Which account do you debit to replenish petty cash?
Debit whichever account you take the money from to put into petty cash.Example:transfer cash from checking to petty cashwrite check to deposit to petty cashorpetty 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.
Is the entry to establish a petty cash account a debit to petty cash and credit to cash?
yes. the entry should be: petty cash fund debit cash in bank credit
What is journal entry for petty cash?
Debit petty cashCredit cash / bank
How do you establish the journal entry for petty cash?
[Debit] Petty Cash account [Credit] Cash account
Know the journal entry for reimbursing the petty cash account?
[Debit] Petty Cash account [Credit] Cash account
Issued a check to establish a petty cash fund of 1400?
Debit Petty cash account 1400 Credit Cash account 1400
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
How do you fill petty cash voucher?
The way you fill out a petty cash voucher depends on the information on the voucher. Some vouchers for petty cash are filled out when you bring back receipts for what you spent. Basic information on the voucher is the date, what was bought, and the amount of money taken out of petty cash.
What is the journal entry for the cash stolen from cash box?
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
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
The debit recorded in the journal to reimburse the petty cash fund is to?
debit EXPENSES made from PCF (e.g. Misc. Expenses, Supplies Expense) credit CASH
The type of account and normal balance of Petty Cash is a?
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.
