The balance in the petty cash account should now be the same as the amount at which it started. 22. 12. Established a petty cash fund of $1,000. / 19.02500N 72.83389E / 19.02500; 72.83389. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Its an other expense for you, not a normal expense like paying your bills. We are working towards three . Repair to fax, $100 (Miscellaneous Administrative Expense). 31. Express charges on merchandise purchased, $73 of $730 added to the invoice. Petty cash accounting AccountingTools A bank to record daily differences (if any) between a teller's actual cash at the end of the day versus the expected amount of cash based on checks cashed, deposits received, etc. 12. Established a petty cash fund of $1,000. 21. The difference is debited to Cash Short (Over): To replenish petty cash; receipts on hand of $615 office supplies ($390), gasoline ($155), coffee and drinks ($70). 12. The actual cash received from cash sales 4 When the cash in the register is more than the register record, the cash is accounted for as revenue. Petty cash is small amounts of cash that branches or departments reserve for incidental or minor expenses. 12. Its other revenue for you, not a normal source of revenue like your paycheck. The cash sales for the day, according to the cash register records, totaled $14,304. $615 office supplies ($390), gasoline ($155), coffee and drinks ($70). The actual cash received from cash sales was $6,180. It is used in businesses that use cash in day-to-day operations, for example, retail stores and restaurants. register records, totaled $12,146. Alternatively, the cashier could simply count out the cash for the petty cash fund, if there are enough bills and coins on the premises. Subtract the amount by which you need to replenish the account from the total amount of your vouchers. Petty cash on hand was $154. In other words, the sum of the cash and receipts differs from the correct Petty Cash balance. The cash over and short account is an account in the general ledger. ), the entry would be reversed, with a debit to cash and a credit to the cash over and short account. The cash over and short account is an excellent tool for tracking down fraud situations, especially when tracked at the sub-account level for specific cash registers, petty cash boxes, and so forth.
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transactions for petty cash, cash short and over