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What is the entry to replenish a petty cash fund?
Dr. Various expense accounts Cr. Cash (in bank)
Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
What is the Journal entry to replenish a petty cash fund?
DR all expenses (Postage expense,Misc. expense,John Smith, drawing,Telephone expense. CR 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
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 the entry to replenish a petty cash fund?
Dr. Various expense accounts Cr. Cash (in bank)
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
Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
What is the Journal entry to replenish a petty cash fund?
DR all expenses (Postage expense,Misc. expense,John Smith, drawing,Telephone expense. CR 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
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
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 correct entry to replenish a petty cash fund?
Dr Bank Account Cr Petty Cash Account
How can you make petty cash entry in tally 9?
All exp. A/c Dr. To petty cash A/c
