The initial petty cash journal entry is a debit to the petty cash account and a credit to the cash account. A debit to Cash and a credit to Cash Over and Short. A petty cash fund is cash in a secure lock box, which is used for small purchases and maintained by a petty cash custodian. A debit to Petty Cash and a credit to Accounts Receivable. School York University; Course Title ADMS 2500; Uploaded By saivisingh. c) a debit to Petty Cash and a credit to Cash. 6 - When the Petty Cash account is replenished at the... Ch. As expenditures are made, the custodian of the fund (a bookkeeper or a member of the administration staff) will reimburse employees and receive a petty cash voucher with a receipt/invoice attached in return. b) a debit to Cash and a credit to Cash Over and Short. 11) Riley's Limousines' entry to establish a $75 petty cash fund for the office would include a: A) debit to Cash for $75. See the answer. C. A debit to Petty Cash and a credit to Cash. Journalize al required entries to create the fund and replenish it. 2. The entry to establish a petty cash fund includes:_____ a) a debit to Cash and a credit to Petty Cash. The entry necessary to establish a petty cash fund should include: a. a. Petty Cash. Question: The Entry To Create A Petty Cash Fund Includes A Debit To Cash And A Credit To Petty Cash Fund, A Debit To Petty Cash Fund And A Credit To Cash, A Debit To Petty Cash Fund And A Credit To Cash Over And Short, A Debit To Cash And A Credit To Miscellaneous Expense. The entry necessary to establish a petty cash fund should include which:? Petty cash, also known as impress cash, is a fund established for making small payments that are impractical to pay by check. These expenditures include such items as postage, delivery expense, and minor office supplies such as coffee. On the same date, a cheque is handed over to the petty cashier. A debit to Cash and a credit to Petty Cash Over and Short. 6 - The entry to establish the Change Fund includes... Ch. The bookkeeping entry for this initial fund would be to debit Petty Cash and credit bank account. Assuming iEduNote Company decides to establish a petty cash fund for $500 on 1st July. a debit to Cash and a credit to Cash Over and Short. Smaller companies or companies that will seldom use petty cash can skip this step, but be sure to enter the general journal entries when it is time to reconcile the petty cash. Petty cash fund is a relatively small amount of cash that businesses keep on hand for the purpose of small transactions such as providing change to customers, postage expenses, highway tolls etc. In … The journal entry to establish the petty cash fund includes: A) A credit to petty cash and a debit to cash for $150. a. a debit to Petty Cash and a credit to Accounts Receivable. On June 30, how much cash should the petty cash fund hold before it is replenished? C) debit to Cash Over and Short for $2. Include explanations 4. B. 2.1. The petty cash book is not part of the double entry bookkeeping system, and is used simply to record movements on the petty cash imprest fund. In this case, the cash account, which includes checking accounts, is decreased, while the funds are moved to the petty cash account. How to solve: An entry to replenish a petty cash fund would include a debit to Petty Cash. The term "cash on hand" refers to all the liquid assets a business has. The entry to record reimbursement of the petty cash fund for postage expense should include: a) a debit to Postage Expense b) a debit to Petty Cash c) a debit to Cash d) a debit to Cash Short and Over In this case, the cash account, which includes checking accounts, is decreased, while the funds are moved to the petty cash account. C) credit to Cash for $75. The amount of cash in the petty cash fund is now $176. Include an explanation. Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items. Check is issued to establish a petty cash fund of $750. The greatest degree of internal control can be maintained when a petty cash fund under the control of one individual is established to handle these expenditures. The entry to establish a petty cash fund includes: A debit to Cash and a credit to Petty Cash. The establishment of a petty cash system begins by making out a check to cash, cashing it, and placing the cash in a petty cash box: D) credit to Cash for $82. A debit to Cash and a credit to Petty Cash. The entry to establish a petty cash fund includes: asked Dec 29, 2018 in Business by Kuloteyn. This problem has been solved! As this petty cash fund is established, the account titled “Petty Cash” is created; this is an asset on the balance sheet of many small businesses. 3. Ch. Cash in the fund totals $40. The entry to establish a petty cash fund includes a. Journal entries and procedures for petty cash Let's look at the journal entries and documentation used in working with a petty cash fund, and then we will review a detailed example. A) A debit to Cash and a credit to Petty Cash. a.... Ch. Pages 70 Ratings 100% (1) 1 out of 1 people found this document helpful; This preview shows page 16 - 19 out of 70 pages. A debit to Petty Cash and a credit to Cash. 121. Cash the check. A debit to Cash and a credit to Cash Over and Short. It includes petty cash, ... Start a petty cash fund by writing a check drawn on your company to "Petty Cash." The petty cash book usually consists of a columnar book with one side used to record the original receipt of cash to establish the fund, and the other to analyse payments by expense categories, such as postage and stationery used in the above example. In such transactions, the use of checks is time consuming, costly or illogical. Create a petty cash log (sometimes called a petty cash book) and a petty cash request form (sometimes called a petty cash voucher). The entry to establish a petty cash fund includes what? a debit to Petty Cash and a credit to Petty Cash Payable. B) A debit to petty cash and a credit to cash for $150. Make the general journal entry to create the petty cash fund. The entry necessary to establish a petty cash fund should include: a) a debit to Cash and a credit to Petty Cash b) a debit to Cash and a credit to Cash over and Short If you decide to establish a petty cash fund, doing the following can help simplify your petty cash accounting responsibilities: ... You (or your petty cash cashier) must also create journal entries showing what petty cash funds go toward. 2. A debit to Cash and a credit to Petty Cash. B) credit to Petty Cash for $84. A petty cash fund is created for a definite amount of money. The establishment of a petty cash system begins by making out a check to cash, cashing it, and placing the cash in a petty cash box: The amount of cash in the petty cash fund is now $495. Date Accounts and Explanation Debit Credit Petty Cash 320 Cash 320 To open the petty cash fund. The entry establishing a $200 petty cash fund would include a: A. credit to Petty Cash for $200. A. The petty cash custodian then disburses petty cash from the fund in exchange for receipts related to whatever the expenditure may be. 3. The General Journal entry for this is; Petty cashier encashes the cheque and keeps this money in a box under lock and key termed as a petty cash box. Select the explanation on the last line of the journal entrytable.) 6 - The Petty Cash account is a(n) _____. Include an explanation. A petty cash fund is a small fund whose purpose is to make small disbursements of cash. B) credit to Petty Cash for $75. The journal entry to establish the petty cash fund would be as follows. Petty Cash Fund Entries. B. debit to Miscellaneous Expense for $200. A debit to Cash and a credit to Cash Over and Short. C) A credit to cash and a debit to various expenses for $126. B) A debit to Cash and a credit to Cash Over and Short. Creating a Petty Cash Fund. Show transcribed image text. 12) The entry to replenish the petty cash fund included a […] D) debit to Office Expense for $75. The Entry To Establish A Petty Cash Fund Includes: Question: The Entry To Establish A Petty Cash Fund Includes: This problem has been solved! Oto Salad Dressing respetych fand ingret aluce 5206. 6 - The Cash Short and Over account covers both... Ch. The journal entry to establish the petty cash fund would be as follows. The entry to establish a petty cash fund includes: a debit to Cash and a credit to Petty Cash. Requirement 2. D) A debit to Petty Cash and a credit to Accounts Receivable. Make the general journal entry to record the petty cash fund replenishment. 6 - What are internal controls designed to do? e) a debit to Petty Cash and a credit to Petty Cash … The entry to establish a petty cash fund includes a credit to a Postage expense. Petty cash, also known as imprest cash, is a fund established for making small payments that are impractical to pay by check.Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items.