Question

The following accounts are used as typical column headings on a petty cash analysis. Check all that apply. supplies credit miscellaneous expense credit supplies debit accounts payable debit delivery expense debit accounts payable credit miscellaneous expense debit delivery expense credit No Idea Os Moldes

Answer 1

Petty cash account is created to observe the small cash expenses that incur frequently in the business. It is not meant to account for cash receipts for business of any nature. Petty cash expenses are debited to petty cash account and the available cash balance decreases. Supplies credit, misc expenses credit, accounts payable credit and delivery expense credit are excluded from petty cash expense as they are cash receipts which is not accounted and is not the purpose of petty cash account.

The following accounts are used as typical column headings on a petty cash analysis :

1. Supplies debit
2. Miscellaneous expense debit
3. delivery expense debit

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