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WHAT IS the correct entry to replenish a petty cash fund?
Dr Bank Account Cr Petty Cash Account
If a petty cash fund was established with a 250 balance and currently has cash of 31 and petty cash tickets totaling 219 what would be included in the entry to replenish the fund?
A company check in the amount of $219 would replenish the funds.
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
A 100 petty cash fund has cash of 18 and receipts of 80 The journal entry to replenish the account would include what?
receipts 80 Cash Short(Over) 2 Cash 82
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 correct entry to replenish a petty cash fund?
Dr Bank Account Cr Petty Cash Account
What is the correct entry to replenish the petty cash fund?
Dr Bank Account Cr Petty Cash Account
If a petty cash fund was established with a 250 balance and currently has cash of 31 and petty cash tickets totaling 219 what would be included in the entry to replenish the fund?
A company check in the amount of $219 would replenish the funds.
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
A 100 petty cash fund has cash of 18 and receipts of 80 The journal entry to replenish the account would include what?
receipts 80 Cash Short(Over) 2 Cash 82
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 Journal entry to replenish a petty cash fund?
DR all expenses (Postage expense,Misc. expense,John Smith, drawing,Telephone expense. CR Cash
What is Fluctuating fund system?
Fluctuating fund system is handling petty cash fund wherein every expenses/voucher is debited directly with petty cash fund as a credit. The petty cash fund is debited only whenever there is a replenishment wherein the proforma entry is:
When is the petty cash account debited?
The petty cash account is debited when a company establishes or increases its petty cash fund. This entry reflects the outflow of cash from the main cash account to the petty cash account. Additionally, it may be debited when replenishing the petty cash fund, as it accounts for the expenses incurred that were paid from petty cash.
What is a petty cash expense entry?
A petty cash expense entry is a record of small, incidental expenses paid out of a petty cash fund, which is a limited amount of cash kept on hand for minor purchases or urgent expenses. This entry typically includes details such as the date of the transaction, the purpose of the expense, the amount spent, and any receipts or documentation. It helps maintain accurate financial records and ensures that the petty cash fund is reconciled regularly. Proper tracking of these expenses is essential for effective cash management and accountability.
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.
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
