Petty Cash
This fund is used to pay small expenses like postage or office supplies.
What is petty cash?
Assigning one employee to handle cash receipts and another to record them is an example of this principle.
What is Establish Responsibilities?
If a check was recorded as $520 instead of $250, the company must do this.
What is increase cash by $270?
NSF stands for this.
What is Not Sufficient Funds?
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What is a Democratic?
If the petty cash drawer has $40 left and receipts totaling $160 from a $200 fund, this is the amount needed to replenish it.
What is $160?
Having only the cashier use the register drawer is an example of this internal control principle.
What is Establish Responsibilities?
If a $430 check was mistakenly recorded as $340, cash must be adjusted by this amount.
What is decrease cash by $90?
When notified of an NSF check, the company debits this account.
What is Accounts Receivable?
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Who is the the freshman over sb?
The journal entry to replenish petty cash includes debits to expense accounts and this account is credited.
What is Cash?
This happens when no one person controls all parts of a transaction.
What is separation of duties?
Outstanding checks are deducted from this side of the bank reconciliation.
What is the bank side?
When recording an NSF check, this account is credited.
What is Cash?
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How many is 82?
If receipts show $90 of expenses but the drawer contains $105 in a $200 fund, this account is used for the shortage/overage.
What is Cash Over and Short?
Requiring passwords for accounting software is an example of protecting these.
What are assets and records?
Deposits in transit are added to this side of the bank reconciliation.
What is the bank side?
An NSF check means the customer’s bank account had this problem.
What is not enough money?
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What is a GeekBar/Cart?
When creating a petty cash fund, this account is debited.
What is Petty Cash?
Independent bank reconciliations are used to help prevent this.
What is fraud?
Errors made by the company are corrected on this side of the reconciliation.
What is the book side?
If a $600 deposited check is returned NSF, the adjusting entry is debit Accounts Receivable $600 and credit this account.
What is Cash?
What is on the top of the pyramid?
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