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    rdeibsencecya's Avatar
    rdeibsencecya Posts: 1, Reputation: 1
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    #1

    Nov 4, 2010, 11:43 AM
    Petty cash
    Hey guys, when the petty cash book is drawn up what are the entries required to balance the books?
    Float: 350
    Petty cash expenditure: 330.
    Thanks in advance!
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Nov 5, 2010, 10:52 AM

    You will have the $350 on the books always as the amount of Petty Cash. No entries are made to this account unless you increase or decrease the amount of this fund. When you replenish petty cash (that is, you see that your petty cash is low, in this case by $330 so you write a check for $330 to get that amount from the bank in cash to bring your petty cash back to $350), you will debit the expense accounts involved and credit cash. You will have kept receipts for the $330, which will tell you the respective accounts to debit.
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