ACC M115 Lecture Notes - Lecture 18: General Ledger, Subledger, Petty Cash

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24 Sep 2020
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As payments are made from the fund, the custodian completes a form known as a petty cash voucher. Each voucher indicates the amount paid, the purpose of the expenditure, the date of the expenditure and the individual receiving the money. Invoices, receipts, petty cash vouchers evidence of disbursements. The completed voucher is placed in the petty cash box by the custodian. Although a payment has been made, not journal entry is recorded at this time. At all times, this relationship should be true: cash remaining in the fund, plus: petty cash vouchers, original amount of the fund . The petty cash fund is replenished when the amount of cash in the fund becomes low. The journal entry to record replenishment: dr postage expense . 50, dr office supplies expense . 80, dr transportation expense . 40, dr miscellaenous expense . 90, cr cash . 60.

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