Transfers between the Petty Cash Book and the Bank Account are called Contra- entries. Such cash transactions usually mirror the Bank statement entries. Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
Transfers between the Petty Cash Book and the Bank Account are called Contra- entries. Such cash transactions usually mirror the Bank statement entries. Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5DQ
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Transfers between the Petty
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