To establish a petty cash fund, which account is debited

Q: Describe about petty cash fund.

A:

Q: The entry to establish a petty cash fund includes: O A. O B. A debit to Cash and a credit to Cash…

A: Petty cash is termed as the small cash amount which is kept on the premises of the company in order…

Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

Q: Which of the following does not show good cash management regarding the controls over cash…

A:

Q: What is the correct cash in bank balance?

A: Bank Reconciliation statement:- Bank reconciliation statement is a statement made by analyzing the…

Q: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.

A: Answer: Cash is the asset that is being hold by the company.  Checks are the document that are…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: pare Journal Entry to establish Petty Cash Fund

A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…

Q: What are the controls needed to secure the petty cash fund?

A: Internal control:Internal control is a process which ensures continuous reliability of…

Q: With good internal controls, the person who handles cash can also Account for cash payments.…

A: Good internal controls are the policies which help in providing true and fair representation of the…

Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?

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Q: The entry to establish a petty cash fund includes: Multiple Choice A debit to Cash and a credit to…

A: Entry to Establish Petty cash is   PARTICULAR DEBIT CREDIT       PETTY CASH             TO…

Q: Which of the following items appearing on a bank reconciliation require a journal entry to bring the…

A: Bank reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

Q: What are some effective procedures for handling petty cash

A: The expression 'petty cash' alludes to a reserve of money set aside to pay little, day-to-day office…

Q: How is a petty cash fund established? How is the fund replenished?

A: Petty cash: A petty cash is a small amount of cash on hand maintained by the companies to pay the…

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: The bank reconciliation ? Please explain with full explanation.  a. should be prepared by an…

A: Following is the answer to given problem

Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: I understand how to journalize petty cash, but what I don't understand is how to journalize funds…

A: Petty Cash is the cash taken out for the total cash in hand available for the company. Petty Cash is…

Q: at the time of replenishment, why are the totals of individual expenses debited? explain the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

Q: At what amount should "Cash on hand and in bank be reported on Gracious' balance sheet?

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

Q: Transactions for petty cash, cash short and over

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Cash receipts – When a payment is received in the form of cash, a company records cash receipts.…

Q: Identify the two events from the following that cause a Petty Cash account to be credited in a…

A:

Q: Indicate whether the following statements are true or false. A guideline for safeguarding cash is to…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: why is petty cash fund deducted in the book balance of the entity when making bank reconciliation?

A: A petty cash fund is a fund where some money is kept separately to pay for minor expenses such as…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: When the petty cash fund is replenished:   Multiple Choice   Cash is debited.   Petty Cash is…

A: Petty cash is the amount set aside for small day to day expenses. Every once in a while, it is…

Q: In a two-step bank reconciliation, identify the items that might be necessary to adjust the bank…

A: Bank reconciliation: Bank reconciliation is prepared by an accountant. In order to check the…

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

Q: What Petty Cash involves, choose the best answer: Select one: O a. Borrow the fund, making payment…

A: Petty cash, also known as the petty cash reserve, is a small sum of cash on hand that is used to pay…

Q: Which one of the following documents is used in the control of cash receipts? a. Purchase…

A: Cash Receipts - Cash Receipts are the receipts which are the supporting document or evidence used by…

Q: What is the use of a petty cash fund?

A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.