QUESTION IMAGE
Question
how would you journalize the replenishment of a petty cash fund?
debit sales and credit cash
debit cash and credit petty cash
debit expenses and credit cash
debit petty cash and credit cash
question 20
choose the answer.
what is a postdated check?
a check written with a date in the future
a check written with a past date on it
a check that was deposited after 30 days
a check that was cashed the same day it was written
When replenishing a petty - cash fund, the expenses that were paid out of the petty - cash are recognized (debited) and the cash used to replenish the fund is credited. For a post - dated check, by definition, it is a check with a future date.
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For the first question: debit Expenses and credit Cash.
For the second question: a check written with a date in the future.