WebA petty cash reimbursement form may be used to replenish a petty cash fund, or reimburse a department or employee, who paid out-of-pocket for an unplanned departmental … WebSorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $70 to a total of $430 Required: 1. Prepare the journal entry to establish the petty cash fund 2. Prepare a petty cash payments report for February with these categories ...
What Is Accounts Payable?
Web1) Obtain approval from department manager or supervisor. 2) Complete a petty cash voucher issued by the department manager. 3) Obtain petty cash funds for the equivalent amount of the petty cash voucher. 4) Make the purchase and obtain a receipt. 5) Provide the receipt to the department manager. If an employee does not obtain petty cash funds ... WebMar 1, 2016 · The purpose of this policy is to establish procedures for creating, managing, reimbursing, and closing petty cash and change funds. A petty cash or a change fund is created through an advance of funds to a petty cash fund custodian authorized by a Texas State University department, center, or other business unit to administer the fund. toby hyun
[Solved]: Problem 6-3A (Algo) Establishing, reimbursing, and
WebThe petty cash fund included unreplenished petty cash vouchers of P10,000 and an employee check for P5,000 dated January 31, 2024. Zealous Company is accounting for its petty cash fund using the imprest system. On November 1, 2024, Zealous established a petty cash fund of P50,000. On December 31, 2024, the fund consisted of the following … WebQuestion: when reimbursing the petty cash fund: a. cash is debited, b. petty cash is credited, c. petty cash is debited, d. appropriate expense accounts are debited, e, no expenses are … WebPlease prepare a journal entry for the imprest petty cash fund. ABC has set petty cash for some time already, so there is no journal entry to record the petty cash at the beginning of the month. During the month, petty cash is used for various expenses totaling $ 370. We do not require to make any journal entries during the month. toby hutton