ZuoTi.Pro
Question

The Petty Cash account is a separate bank account used for small amounts. True or False True False
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ANSWER: False

EXPLANATION:

A petty cash account is an account in an accounting terms and not a bank account. It is a fund used to pay minor expenditures.

1 0
Add a comment
Know the answer?
Add Answer to:
The Petty Cash account is a separate bank account used for small amounts. True or False...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...

    QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...

  • True false. the petty cash fund is at a variable amount

    True false. the petty cash fund is at a variable amount

  • ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...

    ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...

  • GLO601-kiona Co. set up a petty cash fund for payments of small amounts. The following transactions...

    GLO601-kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occured in May. May 1 Prepared a company check for $300.00 to establish the petty cah fund.

  • Brown Co set up a petty cash fund for payments of small amounts. The following transactions...

    Brown Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. c. Paid postage expenses of $57. d. Paid $28 to Facebook for...

  • 2 points    QUESTION 14 Petty Cash is a large amount of cash kept on hand...

    2 points    QUESTION 14 Petty Cash is a large amount of cash kept on hand for in-house expenditures. True False 2 points    QUESTION 15 In replenishing the Petty Cash account Petty Cash is debited. True False 2 points    QUESTION 16 The Purchase Journal is used to handle all purchases of merchandise. True False 2 points    QUESTION 17 The General Ledger and the Subsidiary Ledgers is co-equal. True False 2 points    QUESTION 18 The Cash Receipts...

  • nation Cash To increase the petty cash fund, Debit Credit Petty Cash - Had the Petty...

    nation Cash To increase the petty cash fund, Debit Credit Petty Cash - Had the Petty Cash fund been decreased, the debit would've been to Cash and the credit to the Petty cash account. Remember that the only time the Petty cash account is used in the journal entry is when the account is established, increased, or decreased Try it! 8. The following petty cash transactions of Green Golf Equipment occurred in a May 1 Established a petty cash fund...

  • Identify each of the following statements as either true or false. 1. A petty cash system...

    Identify each of the following statements as either true or false. 1. A petty cash system of control is a system to safeguard cash disbursements 2. A basic guideline for safeguarding cash is to require that all cash receipts be deposited monthly 3. A petty cash system of control is a system to safeguard cash receipts 4. A petty cash system of control is not an adequate control system to safeguard cash disbursements

  • Pina, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The...

    Pina, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $249. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $74 Supplies purchased and used 39 Postage expense 47...

  • Y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September...

    y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September 30. a A customer's check for NSF was charged the company's account a $25 processing fee. $100 marked NSF was returned to Brown Company by the bank. In addition, the bank b. The September 30 cash reccipts, 51,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT