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Petty cash fund is usually used in a business to make minor odd purchases, such as a sheet of postal stamps, an inkjet cassette, a pack of envelopes, etc.
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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
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
A special cash fund used to make small payments that occur frequently is called a?
petty cash
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.
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 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
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
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:
A special cash fund used to make small payments that occur frequently is called a?
petty cash
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.
Small amounts of money for incidental expenses?
Some companies have a petty cash fund to be used for incidental expenses. The petty cash fund might pay for expenses such as postage stamps or gas for a company vehicle.
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 the petty cash fund?
Dr Bank Account Cr Petty Cash Account
WHAT IS the correct entry to replenish a petty cash fund?
Dr Bank Account Cr Petty Cash Account
Issued a check to establish a petty cash fund of 1400?
Debit Petty cash account 1400 Credit Cash account 1400
What is the problems of petty cash?
some time its subjected to theft. example;when some body wants petty cash fund
What is the size of the petty cash fund?
Generally petty cash funds range around 25 dollars for minor needs for a business such as pencils, other office equipment, or breaking bills early in the morning when a customer presents a large bill and you haven't had many customers yet. Most register drawers start off with 75 dollars assorted from 10s, 5s, Quarters, Dimes, Nickles and Pennies. At the end of the night, the petty cash fund is replenished if it was used. Most cases petty cash fund is not used.
