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When a petty cash fund is replenished, the Cash account is credited instead of Petty Cash because the replenishment involves transferring funds from the main cash account to the petty cash fund. This reflects a decrease in the overall cash available in the main account. The Petty Cash account, on the other hand, remains unchanged since it is simply being topped up to maintain its established balance. Thus, the transaction more accurately represents the flow of cash between accounts.
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Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
When is petty cash fund always replenished?
Based on a company's policies, petty cash could be replenished periodically or when the balance drops below a certain level. For example, it might be company policy to replenish petty cash once a month or even once a month. More often, however, it will be company policy to keep the petty cash balance above a certain figure, say $100. Whenever the balance drops below $100, then it will be replenished.
Who has access to a petty cash?
a petty cashier
What is the similarity of cash book and petty cash?
petty
When is petty cash replenished?
Petty cash is typically replenished when the cash balance falls below a predetermined level or when the funds are nearly exhausted. This process often occurs on a regular schedule, such as monthly, or as needed when expenses are documented. Replenishment involves reviewing receipts and vouchers to ensure all transactions are accounted for before issuing a new cash amount.
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
When is petty cash fund always replenished?
Based on a company's policies, petty cash could be replenished periodically or when the balance drops below a certain level. For example, it might be company policy to replenish petty cash once a month or even once a month. More often, however, it will be company policy to keep the petty cash balance above a certain figure, say $100. Whenever the balance drops below $100, then it will be replenished.
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.
Who wrote Everyday by Buddy Holly?
It was credited to Buddy Holly and Norman Petty
Who is tom petty's farther and mother?
Earl Petty.
Who is Richard Petty married to?
Richard Petty married his wife Lynda in 1958 and have four children (Kyle Petty, Sharon Petty Farlow, Lisa Petty Luck, and Rebecca Petty Moffit).
What nicknames does Andrew Petty go by?
Andrew Petty goes by Petty, Hat's McPetty, and Petty Cash.
How do you reimburse petty cash?
To reimburse petty cash, first collect receipts and documentation for all expenses incurred. Next, prepare a petty cash reimbursement request form detailing the amounts spent and their purposes. Submit this form to the appropriate financial authority or accounting department for approval. Once approved, the funds are replenished by issuing a check or cash to restore the petty cash balance to its original amount.
What is Richard Petty's nickname?
Richard Petty is known as "The King".
What does restore the petty cash imprestmean?
Restoring the petty cash imprest refers to replenishing the petty cash fund to its original predetermined amount after it has been used. This process involves reviewing the receipts and expenditures to account for the cash spent, and then adding the equivalent amount back into the fund. The imprest system ensures that the petty cash balance remains consistent, facilitating better cash management and record-keeping. Once replenished, the petty cash can continue to be used for small, everyday expenses.
What is the birth name of Ted Petty?
Ted Petty's birth name is Theodore Petty.
Who has access to a petty cash?
a petty cashier
