NUTR 343 Lecture Notes - Lecture 5: Petty Cash, Subledger, Debits And Credits

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Those that have understood so far are already 90% ready to do your own bookkeeping with the help of somebody else, or are prepared enough to advance your self-learning on your own if you would like to learn more. Once you understand debits and credits, assets and liabilities, etc different situations are pretty much treated all in the same way; that is if you understand the logic. Not in the text, but we will cover petty cash and cash over and short. Petty cash: petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than writing a check. Cash over and short account: the account stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand, plus or minus any recorded cash transactions during the period.

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