The only time the Petty Cash account is used is to establish the fund ini tially or
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The only time the Petty Cash account is used is to establish the fund ini¬ tially or to bring the fund to a higher or lower level. If the petty cash level is deemed sufficient, all replenishments will debit specific expenses and credit cash (new check written). The asset Petty Cash account balance will remain unchanged.
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Related Book For
College Accounting A Practical Approach Chapters 1-26
ISBN: 9780130911421
8th Edition
Authors: Jeffrey Slater
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