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Concept explainers
Petty cash system: Petty cash system is a management of small cash transactions where payment of petty expenses is made out of it. It contains fixed balance which is maintained on monthly basis by the cashier.
Rules to pass journal entries:
- Debit what comes in credit what goes out.
- Debit all income, gains and credit all expenses, losses.
- Debit the receiver and credit the giver.
To prepare: Journal entries (1) The September 9 entry to establish the fund (2) the September 30 entry to reimburse the fund (3) the October 1 entry to increase the fund to $400 in the books of W Company.
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Chapter 6 Solutions
FIN & MANAGERIAL ACCT VOL 2 W/CONNECT
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