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Understanding Petty Cash Management: Establishing and Replenishing Funds

This lesson explores the principles of managing petty cash funds in a business environment. It covers how to establish a petty cash fund with an initial deposit, document cash payments, and replenish funds as necessary. Key components include recording dates, debit and credit amounts, and source document numbers for proper accounting. Learn essential terms and procedures related to petty cash management to ensure accurate financial records and effective cash control.

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Understanding Petty Cash Management: Establishing and Replenishing Funds

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  1. LESSON 5-4 Petty Cash

  2. 1. Date. Write the date. 2 ESTABLISHING A PETTY CASH FUND page 134 August 19. Paid cash to establish a petty cash fund, $100.00. Check No. 8. 4 1 3 2. Debit. Write the title of the account to be debited. Record the amount debited. 3. Credit. Record the amount credited. 4. Source document. Write the source document number. LESSON 5-4

  3. MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIP page 135 LESSON 5-4

  4. 1. Date. Write the date. 2 REPLENISHING PETTY CASH page 136 August 31. Paid cash to replenish the petty cash fund, $30.00: miscellaneous expense, $20.00; advertising, $10.00. Check No. 12. 4 1 3 2. Debit. Write the title of the first account to be debited. Write the amount to be debited. Write the title of the second account to be debited. Record the amount to be debited. 3. Credit. Record the amount credited. 4. Source document. Write the source document number. LESSON 5-4

  5. TERMS REVIEW page 138 • petty cash • petty cash slip LESSON 5-4

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