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What is a petty cash transaction?

Updated: 9/17/2023
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14y ago

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Its a miscellaneous small fund usually budgeted for that is to be used for unknown minor items that may occur that you don't have time or need to go thorugh the processes of writing a company check for.

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14y ago
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Q: What is a petty cash transaction?
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Related questions

Explain Petty Cash Transactions?

Petty cash transactions are small, miscellaneous purchases or expenses. In business, there is usually a separate cash fund for this type of transaction.


Two people should sign a completed petty cash voucher who?

Two people should sign a completed petty cash voucher if they are removing funds from a mutually protected petty cash supply for which they are both in charge. This will enable both parties to be responsible for one another during the transaction.


What is the similarity of cash book and petty cash?

petty


What are the difference of petty cash voucher and petty cash book?

petty cash voucher is released by the handler of the funds to support every payments made. petty cash book contains a summary of all petty cash disbursements, its total and the balance.


What is petty cash receipt?

A petty cash receipt is an invoice or receipt for items or services bought out of petty cash. Petty cash is the small amount of cash usually held by businesses for one off small items.


Analytical petty cash book?

The petty cash book which is prepared in columnnor form is called anylatical petty cash book


What is called as petty cash book?

petty cash book is the book which is used for the purpose of recording the payment of petty cash expenses.


Is the entry to establish a petty cash account a debit to petty cash and credit to cash?

yes. the entry should be: petty cash fund debit cash in bank credit


Is a debit to petty cash money that is taken out of petty cash?

credit


What is journal entry for petty cash?

Debit petty cashCredit cash / bank


Does the balance of the petty cash account increase when the petty cash fund is replenished?

No.


How do you establish the journal entry for petty cash?

[Debit] Petty Cash account [Credit] Cash account