FUND  ACCOUNTING PRINCIPLES CONNECT
FUND ACCOUNTING PRINCIPLES CONNECT
25th Edition
ISBN: 9781265342395
Author: Wild
Publisher: MCG
Question
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Chapter 8, Problem 6QS
To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.

Requirement-1:

To Prepare:

The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.

Requirement-2:

To Identify:

The two events which cause a petty cash account to be credited in a journal entry.

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