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Is the entry to establish a petty cash account a debit to petty cash and credit to cash?

Anonymous

∙ 16y ago

Updated: 4/28/2022

yes. the entry should be:

petty cash fund debit

cash in bank credit

Wiki User

∙ 16y ago

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How do you establish the journal entry for petty cash?

[Debit] Petty Cash account [Credit] Cash account

How do you undo journal entry?

journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.

What is the journal entry of credit purchase?

[Debit] Purchases account [Credit] Accounts Payable

What is journal entry for depreciation?

[Debit] Depreciation account [Credit] Asset account

What is the account entry if an asset is acquired at no cost?

Debit Assets account and credit Capital Account

Related Questions

How do you establish the journal entry for petty cash?

[Debit] Petty Cash account [Credit] Cash account

How do you undo journal entry?

journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.

Is a mortgage repayment for a business a credit or a debit entry?

Credit to cash, debit to the liability account for the mortgage.

What is the journal entry of credit purchase?

[Debit] Purchases account [Credit] Accounts Payable

What is journal entry for depreciation?

[Debit] Depreciation account [Credit] Asset account

What is error of original entry?

You enter the wrong amount You confuse debit and credit You debit or credit wrong account?

What is the account entry if an asset is acquired at no cost?

Debit Assets account and credit Capital Account

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

What is journal entry for cheq deposit?

[Debit] Bank Account [credit] Cash Account

What is journal entry to taking funds to reserve account?

[Debit] Net income account [Credit] General Reserves

What is the normal balance of owners equity?

This account increases with a debit entry, decreases with a credit entry and maintains a normal debit balance.

What is the journal entry for Payment to builders for new building?

[Debit] Building account [Credit] Cash / bank

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