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LESSON 5-4

LESSON 5-4. Petty Cash Create a Petty Cash Account Prepare Petty Cash Slips Replenish Petty Cash and create journal entries. ESTABLISHING A PETTY CASH FUND. page 134. August 17. Paid cash to establish a petty cash fund, $100.00. Check No. 8. Wrote check #8 to establish a Petty Cash Fund.

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LESSON 5-4

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  1. LESSON 5-4 Petty Cash Create a Petty Cash Account Prepare Petty Cash Slips Replenish Petty Cash and create journal entries

  2. ESTABLISHING A PETTY CASH FUND page 134 August 17. Paid cash to establish a petty cash fund, $100.00. Check No. 8. Wrote check #8 to establish a Petty Cash Fund. LESSON 5-4

  3. MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIP page 135 As money is taken from the Petty Cash fund to pay for small items, a Petty Cash slip is completed and put in the Petty Cash “box”. LESSON 5-4

  4. 2 3 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. 1 4 1. Write the date. 2. Write the title of the first account debited. Write the debit amount. Write the title of the second account. Record the debit amount. 3. Write the title of the account credited. Record the credit amount. 4. Write the source document number in the Doc. No. column. LESSON 5-4

  5. 5 Replenish Petty Cash What is result with T Accounts? Cash Miscellaneous Expense Advertising Expense 10.00 20.00 30.00 Wrote check #12 to replenish Petty Cash. Petty Cash slips indicated $20 spent on Misc Exp; $10 spent on Advertising. LESSON 4-2

  6. 6 Replenish Petty Cash What happens if Cash is over or short? Cash Miscellaneous Expense Advertising Expense 10.00 20.00 35.00 Cash Over/Short 5.00 Wrote check #12 to replenish Petty Cash. Petty Cash slips indicated $20 spent on Misc Exp; $10 spent on Advertising. Cash count in Petty cash box is $65 and should be replenished to equal $100. Journal Entries: Debit Misc Expense 20.00 Debit Advertising Expense 10.00 Debit Cash Over/Short 5.00 Credit Cash 35.00 LESSON 4-2

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