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Bookmark or Share- On March 20, Dody's petty cash fund of $100 is replenished when the ...Petty cash payments are recorded in the accounting system when _____. (a) the petty cash fund needs to be replenished (b) a payment is made out of petty cash (c) a bank reconciliation is prepared for the petty cash fund (d) cash is received from returns ; Target established a $100 petty cash fund to pay small expense.
- Nakashima Gallery had the following petty cash transactions in February ...Feb.28: The petty cash fund amount is increased by $100 to a total of $450. 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. 3.
- Petty Cash Accounting | Journal Entry, Transactions & FactsPetty cash is the cash that a business location keeps on hand to pay for small purchases and needs that occur outside the procurement process. To protect the company's cash, petty cash is usually ...
- Cash Over & Short Account | Definition & Journal EntryThe petty cash fund account currently has $32 in cash and $15 in receipts. These two amounts show that the petty cash fund is $3 short of the amount recorded in the general ledger, as the total of ...
- Petty Cash Fund in Accounting - Study.comPetty Cash is an asset account that is used to pay for very small business purchases when going through a formal requisition process does not make sense. Petty cash funds are managed by a Petty ...
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