Why are actual expenses, rather than the petty cash account, debited when the fund is replenished?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

See More Books

Question Posted: Mar 10, 2012 06:09 AM

See More Questions

When are the only times the Petty Cash account is used in a journal entry?
The petty cash account has a debit balance of $800. At the end of the accounting period, there is $110 in the petty cash fund, along with petty cash receipts totaling $690. Should the fund be...
What balance does the Petty Cash account have at all times? Does this balance always equal the amount of cash in the fund? When are the two amounts equal? When are they unequal?
Create a T-Account Transaction Account titles Cash d Common stock Supplies Creditors accounts payable) Cash Fees earned Rent expense Cash Creditors(accounts payable) Cash Accounts receivable Fees...
Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2010 are as follows: January...........40,000 February.........50,000 March............60,000...
Investigate the stability of the structure in Figure 3.27a. Hinges at joints B and D. Figure 3.27a A B -4- 4
Am I prepared to put away my cell phone (and keep it turned off) or personal digital assistant during the entire interview? LO.1
In the audit of Potomac Mills, the auditors wish to test the costs assigned to manufactured goods. During the year, the company has produced 2,000 production lots with a total recorded cost of $5.9...
Brief Exercise 141 Assume in each case that the selling expenses are 58 per unit and that the normal profit is $5 per unit Calculate the limits for each case. Then enter the amount that should be...
Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2020: 1....
What is the purpose of a petty cash system?
What is a bank reconciliation? List the causes of the difference between the cash balance listed on a companys bank statement and the balance shown in the companys cash account.
Find each product. Write answers in standard form. (2 3i)(2 + 3i)
SOUTHWEST AIRLINES: PROFILE OF A LEADER Airlines have faced economic difficulties with rising fuel costs and increased security standards. While many airlines have faced bankruptcy and corpo- rate...
a-1.If the required return is 11 percent, what is the profitability index for both projects? (Do not round intermediate calculations and round your answers to 3 decimal places, e.g., 32.161.) Project...
More info Mar. 1, 2024 Dec. 1, 2024 Dec. 31, 2024 Dec. 31, 2024 Jan. 1, 2025 Feb. 1, 2025 Mar. 1, 2025 Mar. 1, 2025 Borrowed $585,000 from Bartow Bank. The nine-year, 5% note requires payments due...
Describe the Leader(s) - Leadership Qualities/Style of Captain America in the movie The Avengers 1 (2012) Describe the actions that illustrate specific leadership characteristics and behaviors of...
During the current year, a company exchanged old equipment costing $ 6 4 , 0 0 0 with accumulated depreciation of $ 5 0 , 0 0 0 for a new truck. The new truck had a cash price of $ 8 0 , 0 0 0 and...
(Sales value allocation) Vaca Dairy produces milk and sour cream from a joint process. During November, the company produced 120,000 quarts of milk and 160,000 pints of sour cream. Sales value at...
A glass manufacturer produces hand mirrors. Each mirror is supposed to meet company standards for such things as glass thickness, ability to reflect, size of handle, quality of glass, color of...
Describe the differences in evaluating exponents and using scientific notation on a calculator.
Oregon Inc. $10 par common stock is selling for $110 per share. Four million shares are currently issued and outstanding. The board of directors wishes to stimulate interest in Oregon common stock...
Earn Hart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2010, was $24,000,000, and it then had...
(Analysis and Classification of Equity Transactions) Penn Company was formed on July 1, 2008. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par...
Bought an old van for 4000 from Peters promising to pay laterwhat is the transactions
Company has a following trade credit policy 1/10 N45. If you can borrow from a bank at 9,5% annual rate, would it be beneficial to borrow money and pay off invoices earlier?
Given the following exchange rates, which of the multiple-choice choices represents a potentially profitable inter-market arbitrage opportunity? 129.87/$1.1226/$0.00864/ 114.96/ B $0.8908/ (C)...

Why are actual expenses, rather than the petty cash account, debited when the fund is replenished?

Question:

Step by Step Answer:

The actual expenses rather than the Petty Cash account are debited when t...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions