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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.
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
What is the normal balance of a cash account?
Cash account normally has debit balance.
You are asked to balance the petty cash account You find there was 20.00 in it to begin with and you have vouchers for 17.00 How much is left in petty cash?
20
What is the normal balance for cash?
Cash is an asset account and like all assets accounts cash has a debit account as a normal account
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
Is petty cash account in balance sheet?
Petty cash is also Cash so like other cash account it is also shown in balance sheet.
What is the normal balance of a cash account?
Cash account normally has debit balance.
You are asked to balance the petty cash account You find there was 20.00 in it to begin with and you have vouchers for 17.00 How much is left in petty cash?
20
What is the normal balance for cash?
Cash is an asset account and like all assets accounts cash has a debit account as a normal account
Does a debit iincreasse a cash account?
Cash account has a debit as a normal balance so debit increases the cash account and credit reduces the cash account which is reverse of debit balance.
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 meaning of imprest account?
An imprest account is one that always has the same balance; an exact amount of cash in deposited into the account for a known specific future purpose (such as an upcoming payroll), and the same amount leaves the account when the funds for that purpose are expended. The best example is Petty Cash. To start a Petty Cash fund, a firm initially writes and cashes a check for $250 (Dr. Petty Cash, Cr. Operating Account Cash), and puts the $250 cash in the office Petty Cash box. When a small purchase is made by an employee for the office (for stamps, etc), the employee is reimbursed from the Petty Cash box, and puts her receipt for the amount she was reimbursed in the Petty Cash box. The total in the box, between cash and receipts, is always $250. When the amount of petty cash left on hand in the office gets low and the Petty Cash funds must be replenished, the company writes and cashes a check for an amount equal to the total of all the receipts in the box, debiting the appropriate expense accounts and crediting Operating Account Cash. Cash in the amount of the check goes into the Petty Cash box, to bring the total Petty Cash back up to $250. No entry is made to the Petty Cash account since its balance should always be the original amount funded (in this example, $250).
WHAT IS the correct entry to replenish a petty cash fund?
Dr Bank Account Cr Petty Cash Account
