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The debit recorded in the journal to reimburse the petty cash fund is to?
Wiki User
∙ 12y ago
debit EXPENSES made from PCF (e.g. Misc. Expenses, Supplies Expense)
credit CASH
Wiki User
∙ 12y ago
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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
Is a debit to petty cash money that is taken out of petty cash?
credit
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
How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense
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
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 a debit to petty cash money that is taken out of petty cash?
credit
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
How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense
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
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
A 174 petty cash fund has cash of 25 and receipts of 137 What would be part of the journal entry to replenish the account?
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
Issued a check to establish a petty cash fund of 1400?
Debit Petty cash account 1400 Credit Cash account 1400
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.
