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Petty money is a contemporary asset and ought to be listed as a debit on the corporation balance sheet.
When the petty cash fund is replenished the petty money account is credited for the whole of all expenses made on account that the fund used to be closing replenish?
When the petty money fund is replenished, the petty money account is credited for the total of all bills made considering that the fund was once closing replenished. During a bank reconciliation process, Outstanding checks are subtracted and deposits in transit are brought to the financial institution assertion balance.
What is the journal entry for petty cash?
The petty money journal entry is a debit to the petty cash account and a deposit to the money account. The petty cash custodian refills the petty money drawer or box, which must now contain the authentic amount of cash that used to be exact for the fund. The cashier creates a journal entry to record the petty money receipts
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