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Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
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.
Is petty cash a asset or liability?
Petty cash is current asset and shown under cash in hand section of balance sheet in asset side.
Petty cash in till asset or liabilities?
asset
Is cash on hand an asset?
Cash on hand is an asset. It will be included as a current asset and is often called "petty cash"
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
Is petty cash account in balance sheet?
Petty cash is also Cash so like other cash account it is also shown in balance sheet.
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.
Is petty cash a asset or liability?
Petty cash is current asset and shown under cash in hand section of balance sheet in asset side.
Petty cash in till asset or liabilities?
asset
Is cash on hand an asset?
Cash on hand is an asset. It will be included as a current asset and is often called "petty cash"
What account type is petty cash?
Petty cash is Current Assets. It is a current asset (CA) to the business because it brings future economic benefit and can be used, consumed and converted into cash with the 12 months period.
Know the journal entry for reimbursing the petty cash account?
[Debit] Petty Cash account [Credit] Cash account
How do you establish the journal entry for petty cash?
[Debit] Petty Cash account [Credit] Cash account
Is petty cash a fixed cost?
No, petty cash is a control account not an expenditure account.
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
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
