Petty Cash

Front

The entry to establish petty cash fund include: A debit to Petty Cash and a credit to Cash

Back

A debit to Petty Cash and a credit to Cash

Front

UNF has a $200 Petty Cash Fund. At the end of the first month, the accumulated receipts represent $43 for delivery, $127 for merchandise, and $12 for miscellaneous expenses. The fund has a balance of $18. What is the Journal Entry to record replenishment of the account?

Back

Credit to Cash for 182

Front

What is the purpose of replenishing petty cash?

Back

To ensure there is enough cash available for small expenses and to maintain a record of these expenses.

Front

Which transactions would replenish a petty cash account that has more cash than expected? Options: Debit Cash, Debit Cash Short/Over; Credit Petty Cash, Debit Cash; Credit Petty Cash, Credit Cash Short/Over, Debit Expenses; Credit Cash, Credit Cash Short/Over, Debit Expenses, Debit Cash Short/Over; Credit Cash

Back

Debit Expenses; Credit Cash, Credit Cash Short/Over

Front

What is the journal entry to record the reimbursement of the petty cash fund when the fund has receipts for postage of $25, office supplies of $30, and miscellaneous expenses of $20?

Back

Debit Postage Expense $25, Office Supplies Expense $30, Miscellaneous Expense $20; credit Cash $75.

Front

A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $4 in cash. In recording the check:

Back

debit Cash Over and Short for $2.

Front

What type of account is "Petty Cash"?

Back

Asset

Front

A company wants to decrease its $200 petty cash fund to 175. What is the correct journal entry?

Back

Debit to Cash $25, Cr Petty Cash $25

Front

How comfortable are with petty cash?

Back

I am amazing. I will get full credit on the quiz.
I am feeling pretty good. Should be a good/decent grade.
I have my good days and my bad days.
Uh oh...struggle bus!

Front

What is the purpose of the bank reconciliation process?

Back

To identify discrepancies or errors between the bank statement and company's records.