Webbför 2 dagar sedan · A petty cash fund is a box of money. Depending on the size of your staff and your company culture, you may choose to implement an internal control by locking the box and only allowing access to a ... WebbPetty cash funds may be established at the discretion of the Director of Procurement & Contract Services in certain departments for small or emergency purchases on the basis of demonstrated need. It is to be used only for the acquisition of those unanticipated items that require an immediate cash payment and

What happens when a petty cash fund is in use? – Short-Question

WebbView the full answer. Transcribed image text: Journal entry worksheet 1 2 3 4 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General … Webbpetty cash is used to. pay small amount expenditures. T/F: there is a specific amount that the company should used when establishing petty cash fund. false. it all depends on the … ipr short notes

Solved Nakashima Gallery had the following petty cash - Chegg

Webb1. Petty Cash slip number 2. Date of petty cash payments 3. Whom paid to 4. Reason for the payment 5. Amount paid 6. Account in which amount is to be recorded 7. Signature … WebbIn reimbursing the petty cash fund, which of the following statements is true? a. Cash is debited b. Petty cash is debited c. Petty cash is credited d. Expense accounts are … WebbQuestion: May 1 Prepared a company check for $350 to establish the petty cash fund Paid remains in the fund A company check is drawn to replenish the fund for the following of $59 10 31 The to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round orc 5323.01